It's indeed a sad day for the Big East Conference and assuredly many Syracuse Orange fans.
On Monday morning, the parties announced that an agreement has been reached for Syracuse University to leave the Big East. The termination of Syracuse's Big East membership will go into effect July 1, 2013, according to BigEast.org.
"This closes a chapter and opens a new one filled with exciting possibilities for the Big East’s future. With the recent addition of eight schools to the Big East, the future for the Conference has never been brighter," said, the Interim Commissioner of the Big East.
The university will have to pay the Big East a total of $7.5 million to leave, so it can take it's sports to the ACC.
Dr. Daryl Gross, the Director of Athletics at Syracuse, released the following statement:
"We look forward to the new academic and athletic partnerships and the extraordinary competitive opportunities that membership in the ACC offers. We are excited about both our final season in the Big East and our long-term future with the ACC."