Blaudschun: Catholic 7 will have in excess of $42 million to create new league

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According to sources in the Big East, the 7 Catholic schools who announced on Saturday that they were leaving–DePaul, Marquette, Seton Hall, Providence, Georgetown, Villanova and St. John’s–and the three remaining FBS schools–Connecticut, South Florida and Cincinnati–will split a pot that includes more than $60 million in assets compiled from exit fees and the highly profitable “units” handed out by the NCAA to schools that perform in the lucrative NCAA basketball tournament.

According to a Big East source, the same by-law which allowed  a group of schools to leave the conference without penalty, also stipulates that the assets of the league will also be divided.

Using that figure of $60 plus million as a base, the Catholic 7 will have in excess of $42 million to form what is expected to be a 10-team league at the start, with the possibility of quickly growing to 12 teams.