Missouri and Texas A&M, both set to join the SEC on July 1, have reached an agreement with the Big 12 regarding their withdrawal from the conference.

The Big 12 said Tuesday it will withhold an estimated $12.41 million from both schools' projected distribution for fiscal year 2012.

Texas A&M will receive a portion of the benefits received by the Big 12 from the signing of its television deal with Fox Sports, scheduled to commence July 1, 2012, and certain other concessions.

Missouri, meanwhile, agreed it will waive any claims to the benefits received by the Big 12 from the television contract. In addition, Missouri agreed to pay the conference approximately $500,000 for its share of the actual cost of officiating expenses for the 2011-12 athletic year.

"This agreement was accomplished through a collegial, respectful process among the conference, its institutions, and the University of Missouri that led to a resolution that all parties believe is fair," Big 12 commissioner Chuck Neinas said.

Texas A&M President R. Bowen Loftin thanked the Big 12 for "many memories over the past 16 years."

"We value our ongoing academic and athletic relationships with Big 12 members, and it is our hope to continue many of our longstanding athletic rivalries in the future," Loftin said. "We appreciate the Big 12 working with us on a quick and amicable settlement."

Missouri chancellor Brady Deaton said the school was "pleased to have these issues resolved and we wish the Big 12 and its continuing member institutions the best in the future."

Missouri, which agreed to join the conference in November, will be the SEC's 14th member. Texas A&M announced in September it was joining the conference.

Both schools will start competition in all sports for the 2012-13 academic year.