We've known that Louisville will join the ACC in time for the 2014 season for some time. On Wednesday, the school reached an agreement with its current conference home, the American Athletic Conference, to do just that.
"I am pleased to announce this agreement and pleased that Tom Jurich and I worked together in a spirit of friendship to complete it," said American Athletic Conference commissioner Mike Aresco in a release. "I have great respect and admiration for Tom and for the manner in which Louisville conducted itself in our negotiations. We wish Louisville the best and appreciate what they have meant to our conference."
The price tag on the deal is a reported $11 million to the American Athletic Conference, a sum that includes Louisville's two previous $2.5 million payments as well as $1.5 million a year every year from 2014-2017. Rivals.com is reporting that the league agreed to a lower exit payment due to Louisville's willingness to settle out of court.
As a result of the settlement, Louisville will not have to go to court to leave the conference, as we've seen with other schools.
Maryland and the ACC are still in court to determine the terms for the Terrapins' exit from the conference, including the proper exit fees. Rutgers is still in negotiations with the American about the school's own departure for the Big Ten, though with Louisville settling, chances are good that a similar deal is also worked out shortly. Boise State decided to spurn the Big East to remain an all-sports member of the Mountain West. The school is set to go to court with the American on the proper exit fee for a conference the Broncos football team never competed in.