The Big East says it has reached an agreement with seven departing basketball members that will allow them to separate from the football schools and create their own conference on July 1.

The announcement provided no details, but the football schools are expected to receive about $100 million from a $110 million stash the conference had built up over the last two and a half years through exit and entry fees as well as NCAA men's basketball tournament funds.

The seven Catholic schools that are leaving to form a basketball-centric conference are expected to get the Big East name, along with the opportunity to play their league tournament in Madison Square Garden.