According to the Houston Chronicle, Oklahoma and Texas have explored a departure to the SEC in recent months.

The Sooners and Longhorns both released statements in response on Wednesday afternoon, but neither did much to deny those reports.

The statements are eerily similar and vague:

The Big 12’s Grant of Rights contract is set to expire after the 2024 season. However, it’s possible a resolution could be reached in the (relatively) immediate future.

According to the Houston Chronicle’s report, an announcement could come “within a couple of weeks.”

If either Big 12 school does decide to depart before the expiration of the contract, it would be an expensive maneuver.

According to documents obtained by Yahoo!’s Pete Thamel, it would cost the equivalent of the final two years of a program’s Membership distribution. In 2019-20 the Big 12 reportedly distributed $37.7 million to each of its member institutions.

Oklahoma State has also issued a statement on the matter. It’s currently unclear what options the remaining Big 12 schools would have if Oklahoma and Texas bolt for the SEC: