Syracuse and the Big East have worked out terms of a deal that will allow the university to join the Atlantic Coast Conference a year early.
Last September, the ACC announced that Syracuse and Pittsburgh agreed to join the league. Big East bylaws stated that the schools had to abide by a 27-month notification period for departure, but the new deal will allow Syracuse to terminate Big East membership on July 1, 2013.
Syracuse will also make a cash payment of $7.5 million to the Big East.
"We look forward to the new academic and athletic partnerships and the extraordinary competitive opportunities that membership in the ACC offers," said Syracuse athletic director Daryl Gross on Monday. "We are excited about both our final season in the Big East and our long-term future with the ACC."
Syracuse was a charter member of the Big East, which first formed as a men's basketball league in 1979.
"This closes a chapter and opens a new one filled with exciting possibilities for the Big East's future," said Big East interim commissioner Joe Bailey. "With the recent addition of eight schools to the Big East, the future for the conference has never been brighter."
The Big East also lost West Virginia to the Big 12, effective this academic year, but has already replenished its membership.
Temple will rejoin the league in football this fall and will become a full conference member for 2013-14. Boise State and San Diego State were added as football-only members with Memphis, Central Florida, Houston and SMU joining for all sports starting in 2013-14. Navy will also join for football in 2015.