"This is the first time to my knowledge that a conference has been requested to waive any legal claims toward another conference for any damages suffered with a membership change. The Big 12 Conference was asked by Texas A&M University and the Southeastern Conference to waive any such claim to help facilitate Texas A&M's departure from the Conference without any consideration to the Big 12. Although they were not obligated to do so, the Big 12 Board of Directors decided to accommodate that request as it relates to The Big 12 Conference, Inc., which is reflected in the September 2 letter sent to SEC commissioner Mike Slive.
However, the waiver did not and could not bind the individual member institutions' governing boards to waive institutional rights. If the departure of Texas A&M results in significant changes in the Big 12 membership, several institutions may be severely affected after counting on revenue streams from contracts that were approved unanimously by our members, including Texas A&M. In some cases, members reasonably relied on such approval to embark on obligations that will cost millions of dollars."