The University of Louisville and the American Athletic Conference announced Wednesday that they have reached an agreement to allow Louisville to leave the American and be in position to join the Atlantic Coast Conference on July 1, 2014.
The American announced that conference members voted to terminate Louisville's membership in the American
Louisville will pay $11 million in exit fees to the American, $5 million of which Louisville has already paid.
If Rutgers University's exit fee to leave the American is lower than $11 million, the American would return the difference of Louisville's $11 million payment.