The negotiations with the Catholic Seven have ended, according to Mark Blaudschun of AJerseyGuy.com , and the Big East “3″ — UConn, South Florida and Cincinnati — will receive nearly $30 million from the conference conference cash pool that totaled $110 million.
The cash was an accumulation of exit fees and NCAA tournament “units,” a payout of nearly $250,000 for each NCAA tournament game the conference plays. The “units” are usually pooled up and divided amongst all the league members, but since UConn, South Florida and Cincinnati are the only members staying put, the payout becomes significantly larger.
The deal with the Catholic Seven will be finalized and announced Wednesday, Blaudschun said.
According to his report, the seven basketball schools — forming their own new conference in July, 2013 and reportedly taking the Big East name with them — hoped to receive between $3-5 million each as part of the buyout. Blaudschun reports that they’ll take half of that.
The sale of the Big East name was not included in Blaudschun’s story.
A Big East spokesperson said there was “no set date” for the three schools to receive the money. If UConn receives the $30 million and bolts for a new conference, it’s unclear if it would keep the full amount. A Big East spokesperson declined comment on that specific scenario.