Pittsburgh, Big East Reach Agreement For Panthers To Join ACC In 2013

CINCINNATI OH - DECEMBER 04: The Pittsburg mascot is pictured covered in snow during the Big East Conference game between the the Pittsburgh Panthers and the Cincinnati Bearcats at Nippert Stadium on December 4 2010 in Cincinnati Ohio. (Photo by Andy Lyons/Getty Images)

That didn't take long. A little over 48 hours after Syracuse agreed to a deal to join the ACC, the University of Pittsburgh has followed suit. The Big East Conference and Pittsburgh announced on Wednesday night that both parties have reached a deal for the Panthers to move to the ACC for the 2013-14 season.

The Big East Conference and the University of Pittsburgh announced today that both organizations have reached an agreement on Pittsburgh's departure from the Big East and move to the Atlantic Coast Conference (ACC). Under the terms of the agreement reached between the Big East and Pittsburgh, Big East members will vote, in accordance with the Big East's bylaws, to terminate Pittsburgh's membership in the Big East effective July 1, 2013, at which point Pittsburgh will join the ACC. In addition to other consideration, Pittsburgh will make a total cash payment to the Big East of $7.5 million, which includes the $5 million withdrawal fee under the Big East Bylaws applicable at the time Pittsburgh gave notice of withdrawal.

The $7.5 million payment is consistent with the amount that Syracuse will have to pay to join the ACC a year early.

Commissioner John Swofford is go.

"Today's announcement that Pitt will be joining the ACC on July 1, 2013 is terrific one. It's exciting to know that both Pitt and Syracuse will become playing members in the ACC starting with the 2013-14 academic year. I'm pleased that both schools were able to finalize agreements with the Big East. The ACC has long enjoyed a rich tradition of balancing academics and athletics and the addition of Pitt and Syracuse further strengthens this conference. Throughout this past year, we've been preparing to welcome both teams into our membership and we look forward to the future of the ACC with these two schools as prominent members."

And Pitt Athletic Director Steve Pedersen:

"We have appreciated and enjoyed our membership in the Big East and wish them much success in the future. We are anxious to compete in our final season in the Big East and look forward to an exciting future in the Atlantic Coast Conference."

Welcome to the ACC, Pittsburgh.

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