It’s official, Texas and Oklahoma are leaving the Big 12.

The two schools have just informed the Big 12 that they plan to leave the conference and will not be renewing their grants of media rights. Those rights expire in 2025, meaning Texas and Oklahoma will not be members of the league after that time.

It is anticipated that both schools will attempt to leave the Big 12 before that time, however, but will likely need to pay fines in order to do so. ESPN has reported it would cost each program around $76 million to leave the Big 12 early.

This is the first official step toward both schools leaving the Big 12 for the SEC.

Here is the statement, which was issued jointly by both schools, on Monday:

“The University of Oklahoma and the University of Texas at Austin notified the Big 12 Athletic Conference today that they will not be renewing their grant of media rights following expiration in 2025. Providing notice to the Big 12 at this point is important in advance of the expiration of the conference’s current media rights agreement,” the two schools said. “The universities intend to honor their existing grant of rights agreements. However, both universities will continue to monitor the rapidly evolving collegiate athletics landscape as they consider how best to position their athletics programs for the future.”