Leaving the conference :
Effective on the date that a Member delivers notice to the Conference of its intent to withdraw from the Conference, whether under these Bylaws or the 2001 Constitution, as applicable, the CEO of the Withdrawing Member shall automatically cease to be a Director and shall cease to have the right to vote on any matter.
-This confirms that Pitt, Cuse, and WVU are no longer voting members.
As noted, at least 27 months are required, and all departures take place on July 1. Non-football schools must kick in $5mil. Football schools must kick in $5 mil... for now. Once Navy OR Air Force joins, this gets bumped to $10 mil for the football schools. If at any time the Big East is notified that it will lose AQ status, this fee reverts back to $5 mil regardless of Navy or Air Force. If the departure reduces television/media revenues, this exit fee could potentially be revised upwards.
All members agreed to follow the process set forth in the bylaws to exit, and that they would be subject to injunction to comply with these requirements if they try to duck them. This is spelled out very, very clearly.
Any revenues taken in by the conference that are to be distributed to a withdrawing member - their share gets deducted based upon what is due for an exit fee. I thought that was a nice touch.
If a school decides to downgrade to D 1-AA, D1-AAA, or DII... exit fees and 27 months notice are not required.
Dissolution :
The Conference may be dissolved upon a vote of at least two-thirds of all eligible Directors.