UPDATE (7/29): The SEC voted to extend invitations to both Texas and Oklahoma on Thursday. All 14 member institutions voted to admit the Longhorns and Sooners. 

"The unanimous vote is both a testament to the SEC's longstanding spirit of unity and mutual cooperation, as well as a recognition of the outstanding legacies of academic and athletic excellence established by the universities of Oklahoma and Texas," SEC commissioner Greg Sankey wrote in a statement. "I greatly appreciate the collective efforts of our presidents and chancellors in considering and acting upon each school's membership interest." 

Texas and Oklahoma have both scheduled board of regents meetings on Friday morning at 9 a.m. to discuss new conference membership. Both boards are expected to rubber stamp the decision and officially accept the invitations. 

The release noted that Texas and Oklahoma have been approved to join for the 2025-26 academic year. 

At this point, Texas and Oklahoma are locked into the Big 12 through the 2024 football season with their grant of rights. However, the pair will almost certainly look at negotiating down a buyout that could clear $100 million to try and enter the SEC early. 

UPDATE (7/27): Texas and Oklahoma have officially submitted requests for invitation to the Southeastern Conference, the league announced on Tuesday. 

"While the SEC has not proactively sought new members, we will pursue significant change when there is a clear consensus among our members that such actions will further enrich the experiences of our student-athletes across our campuses," SEC commissioner Greg Sankey wrote in a statement. "The presidents and chancellors of the SEC...will consider these requests in the near future." 

Both Texas and Oklahoma have scheduled special sessions of their board of regents to discuss conference membership on Friday. If the SEC votes to add the pair as member institutions, both schools could deliberate accepting the invitations as soon as this week. 

The schools are still tied to the Big 12 for the duration of the grant of rights, which expires after the 2024-25 academic year. However, the pair could pay fines of more than $70 million to depart the conference early. Additionally, should the league break up with a number of institutions chasing new destinations, Texas and Oklahoma could potentially get out of paying any fines. 

Original story (7/26): Texas and Oklahoma officially notified the Big 12 that they will not renew their grant of rights when the contract expires in 2025. 

"The universities intend to honor their existing grant of rights agreement," the universities wrote in a joint statement. "However, both universities will continue to monitor the rapidly evolving college athletics landscape as they consider how to best position their athletics programs for the future." 

The Big 12’s executive committee met with administrators at Texas and Oklahoma on Saturday in a final effort to keep the blue blood programs in the conference. However, the Sooners and Longhorns still made the expected step to look elsewhere. 

Texas and Oklahoma’s notification opens the door for other conferences to soon deliberate adding the schools as member institutions. The SEC could reportedly make a move to offer the two Big 12 institutions membership as soon as this week.

The Texas to the SEC smoke has been building over the last several days, both the Longhorns and Sooners will certainly evaluate their options before making a final decision. The ACC could also make a pitch to Texas and Oklahoma. 

While these two institutions could announce a move in the coming weeks, the Big 12 grant of rights keeps their television rights in the conference until the end of the 2024-25 school year. The two sides could search for an amicable solution to expedite the process. However, Texas and Oklahoma are required by Big 12 bylaws to give 18 months notice before departing. Getting out of the contract early would cost more than $70 million per school. 

The decision leaves the other eight schools – including Texas Tech, Baylor and TCU – in a precarious position heading into the next round of realignment. The group is expected to push for the Pac-12 if the conference fully breaks up in the coming years. The American Athletic Conference will reportedly make a strong push for the schools to elevate the conference closer to the Power Five level. 

"Although our eight members are disappointed with the decisions of these two institutions, we recognize that intercollegiate athletics is experiencing rapid change and will most likely look much different in 2025 than it does currently," Big 12 commissioner Bob Bowlsby said in a statement. "Like many others, we will use the next four years to fully assess what the landscape will look like in 2025 and beyond. The remaining eight institutions will work together in a collaborative manner to thoughtfully and strategically position the Big 12 Conference for continued success." 

TCU and Texas Tech have not responded to request for comment at this time. Baylor pointed Texas Football to its previous statement from athletic director Mack Rhoades and university president Linda Livingstone.