The Big East and Syracuse announced their agreement for the Orange to leave the Big East for the ACC on July 1, 2013.
The Big East Conference and Syracuse University today announced that both organizations have reached an agreement on Syracuse’s departure from the Big East and move to the Atlantic Coast Conference. Under the terms of the agreement reached between the Big East and Syracuse, the Big East members will vote, in accordance with the Big East’s bylaws, to terminate Syracuse’s membership in the Big East effective July 1, 2013, at which point Syracuse will join the ACC. In addition to other consideration, Syracuse will make a total cash payment to the Big East of $7.5 million.
[Emphasis added.]
Now Pitt has the whole lawsuit thing going against the Big East, which kind of slows down Pitt’s exit. In addition, Pitt AD Steve Pederson has emphatically said on more than one occasion that Pitt will not pay more than the $5 million exit fee.
The impulse is to say, that Pitt easily gets the $2.5 million back just in the TV revenue uptick of going to the ACC. So, stop being stubborn and pay the extra. Afterall, WVU had to pay $22 million to get out. $7.5 million is a relative bargain.
There is also one other significant difference between the Pitt situation and Syracuse. At least in terms of money. Pitt lost two home games because of the departure of WVU and the non-entry of TCU. Syracuse was slated to be on the road for those games, so it was much easier to replace those games and not incur the economic losses Pitt has. In addition, Pitt cancelled/bought out a non-con game to accommodate the Big East and TCU for 2012.
There is no doubt in anyone’s mind that Pitt is going to be in the ACC by July 1, 2013. The only questions are the money and how acrimonious the final separation will be.
There are damages as far as filling games, but the amount owed cannot be determined until after the games have been played. AS a brief example, Pitt will need to prove that if they played TCU, ticket sales, income would be “X amount”. Now that they play Temple or whoever the sub is, ticket sales are now “Y amount”. If there is a proven loss, those are cover damages and can be re-couped by Pitt. However, Pitt will have trouble calculating a loss, due to dismal sales overall, which is a problem for Pederson and the legal team to prove.
Regardless, Pitt and Pederson chose the wrong route from a PR perspective. So what is the magic number for the buyout? My guess is $7M. Problem is, Pederson already said he wouldn’t pay over $5M, so he loses face. His ego continues to bring the program down.The good news is that he can turn around and say the $5M was his negotiation ploy to keep the BE in check. Good luck with that smiley.
Gotta wonder if Nordy is giving his counterpart at ‘Cuse an earful this afternoon over this.
Additionally, most of the damages that Pitt is claiming can be calculated right now. Pitt probably isn’t even bringing loss of ticket sales into the equation because (i) the difference in actual dollars is relatively small, and (ii) as you mention, it is difficult to calculate. The figures that they will argue are much easier to estimate and much more significant. These include the buyout paid to TCU, the guarantee (if any) paid to Gardner Webb, and the actual costs incurred in replacing the lost games. I don’t know the total for these, but I’d guess it is around $1 million, although Pitt may try to argue for more.
You are absolutely correct that at some point the two sides will be so close that further arguing becomes pointless (and not cost effective). I think we are actually pretty close to that point. My guess is that the final number is around $6.5 – $7 million and that it is announced pretty soon.
Even if it did drag on a bit into the winter, the ACC will make the schedules, and just not release them until it’s over.
I gotta think everyone wants this mess over with, and wouldn’t be suprised if there isn’t an announcement this week, and def. before football season.
Look for Pitt to be out during same time frame and for 5 million.
For everyone who thinks Pitt should pay more money, write a check to the university.
On another front, any Greentree updates? Thanks.
We know how much that you and Pitt alumni of a similar mind want an opportunity to watch Pitt play the likes of Duke, Wake Forest and all of the other powerhouse ACC football teams. We also know that you have tired of Big East basketball. We know that you want Pitt to leave the Big East as quickly as possible. According we are requesting that you increase your annual donations to the university to make it happen.
Sincerely,
The Pitt Administration”
Ah…yah. Sure. Uh huh.
Son of a gun!
CLEMSON
DUKE
FLORIDA STATE
GEORGIA TECH
MARYLAND
MIAMI
NORTH CAROLINA
NORTH CAROLINA STATE
PITT
SYRACUSE
VIRGINIA
VIRGINIA TECH
WAKE FOREST
WOO HOO!!!!!!!!!!!!!!!!!!!!!!!!!
CLEMSON
DUKE
FLORIDA STATE
GEORGIA TECH
MARYLAND
MIAMI
NORTH CAROLINA
NORTH CAROLINA STATE
PITT
SYRACUSE
VIRGINIA
VIRGINIA TECH
WAKE FOREST
Ehh…it’s better then the Big East, but nothing to go crazy over.
Switching from the Big East to the ACC for football is like surviving a horrendous car crash only to find out you have inoperable cancer. Both are going to kill you (or the program) one just takes longer. Wow am I positive today!
Haven’t heard it anywhere else. Will be interested to see what the local TV news sez.
I think ACC football will be fun. Much more than the BE.
It will be pretty enjoyable if PITT gets out for less than $5M to laugh at WVU who paid $22M. Regardless of how they paid it, they are still responsible for a majority of it whether now or in the future.
UCONN
SOUTH FLORIDA
SAN DIEGO STATE
RUTGERS
CINCINNATI
LOUISVILLE
BOISE STATE
HOUSTON
SMU
TEMPLE
The lists are comparable?? Just an “ehh”??
Hey, to each their own.
I for one am pumped.
Where we should be. The Eastern Football Conf.
With like minded academic schools.
Football has FSU in many pre season top 5’s. Clemson and Va. Tech in many pre season top 10’s.
Others peppered in and out of top 25.
With the Big East most years, we would just hope WVU could get in at 24 or 25, just so we could say we have one team in the top 25.
I really think it’s night and day, not even close.
And finally in a conference. The Big East was always a league. A basketball league, a football league, a soccer league.
Some played here, some played there, some were in for this sport, out for another.
And, they haven’t learned anything. Still going to be a patchwork of schools. Only now, from Stoors to San Diego.
With the league securing the Orange Bowl and it’s rotation in the playoffs, it has it’s place at the table. No one going anywhere.
Hell, I can’t wait for the schedule to come out, to see what two road games my family will be going on.
Double Hell, I wouldn’t mind Duke and Wake Forest. I’d love to spend a long weekend at either campus. Have never been to either.
Can’t wait. We’re all different though.
I mean, of course, Boise could compete, but, I don’t want any team from Idaho in a conference that has Pitt in it.
I’d be all for UCONN getting in if they ever went to 16 with ND.
Actually, the one I’d like, is the one who doesn’t start for a couple years. NAVY.
However, I don’t think their athletic budget would support an “all in” for all the olympic sports.
The ACC won’t have part time members.
But, going to a game at Annapolis is hard to beat.
that is just the facts jack and BB is all most as good .
in fact with the teams that have left the big east.
it is now better in the ACC dont you think?
My faith in the Olympic games has been restored completely!
Read the ESPN on line stories of the sexcapades in the Olympic Village. Refreshing as hell. One guy put it best, “even if her face is a 7, her body is a 20”!
Or Ryan Lochte.. “last olympics I had a girlfriend. Big mistake!”
I will be on the lookout for the 7/20 females in London.
Seems like there is a pretty good consensus among the masses. ACC seemed to edge out the BE in the early 2000’s, BE seemed to have the edge on the ACC in the second half of the 2000’s.
Most people I know, and articles I’ve read seem to say the same thing. Sure, anyone could make an argument for anything, but generally, seems about right.
With PITT and Syracuse going to the ACC, not even a question who the top hoops conference will be.
You’ve heard of the Seven Dwarf, well meet the Seven Schmucks of the BigJoke. Syracuse never stood to firmly with the football schools either because of their schmuckdom factor. haha
Anyway, we lost more than Syracuse due to TCU’s and WVU’s departure than Syracuse …. 2 attractive home games (both of these would have been away games for Cuse) … plus to make room for TCU, we had to buyout UCF since we already had a contract with them for a home game this season. Thus, our law suit could only be partly supported by the Cuse … nonetheless, I will be very surprised if our buyout isn’t for $ 5M