OSU & WSU settle with Pac-12 departing schools, keep control of future assets; OSU lands new QB

BEND, Ore (KTVZ) -- All 12 schools from the Pac-12 have reached an agreement to end litigation.

For Oregon State and Washington State, this is a big legal win toward controlling the future of the 108-year conference.

The agreement allows OSU and WSU to control hundreds of millions of dollars ($255 million, according to John Canzano) coming into the conference in the future.

The money earned from the 2023-24 school year, will be distributed evenly among the twelve current schools.

However, the departing ten schools agreed to forfeit a portion of distributions for the rest of the year. 

In a statement, university presidents Jayathi Murthy and Kirk Shulz said, "This agreement ensures the future of the Pac-12 will be decided by the schools that are staying, not those who are leaving."

Meanwhile, Oregon State also has landed a new quarterback for next year.

Former Idaho Vandal Gevani McCoy announced on social media he's transferring to Oregon State.

The freshman quarterback threw for nearly 3,000 yards and 15  touchdowns this season, leading the vandals to a 9-4 season and second place finish in the Big Sky Conference.

The move, while adding to the quarterback room for the Beavers, helps Summit High graduate Hogan Carmichael move up the depth chart for the Vandals.