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Rutgers Will Pay $11.5 Million Exit Fee

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Rutgers University will pay an $11.5 million exit fee as the school transfers from the American Athletic Conference to the Big Ten. Photo by Nate Shron/Getty Images.
Rutgers University will pay an $11.5 million exit fee as the school transfers from the American Athletic Conference to the Big Ten. Photo by Nate Shron/Getty Images.

Rutgers' transfer from the American Athletic Conference to the Big Ten comes an $11.5 million exit fee, the conference and school announced Wednesday.

"We wish Rutgers University well and appreciate the contributions the University has made to our Conference over the years," AAC commisioner Mike Aresco said in a release. "Having enjoyed an extremely successful inaugural football season and being in the midst of an equally successful basketball campaign, it is clear that we have forged a strong Conference. We look forward to welcoming East Carolina University, Tulane University and the University of Tulsa in 2014 and the United States Naval Academy in 2015."

While Louisville, also leaving the AAC after this season, negotiated an $11 million exit fee despite the conference's $15 million request, Rutgers and the AAC reached the $11.5 million agreement because the school didn't provide the required 27 months of notice, according to ESPN.com.

The Big Ten will officially welcome Rutgers to the conference on July 1, 2014, along with Maryland.