Memphis announces intention to remain in the AAC

After much speculation in the past week, Memphis isn’t going west after all.

The university announced its intention to remain in the American Athletic Conference (AAC) instead of migrating to the revamped Pac-12 in a statement Monday afternoon. Fellow AAC members Tulane, South Florida and UTSA, which were also in talks with the Pac-12, are expected to stay put as well.

“The landscape of college athletics has shifted dramatically in the past few years. With that, our focus has remained on ensuring our student-athletes are given the best possible environment to perform their sports and academics at the highest level. After considering other potential options, we have decided our current partnership with the American Athletic Conference is in the best interest of our student-athletes and the future of our university,” the statement reads.

Memphis and the other AAC targets would’ve joined Washington State, Oregon State, Boise State, Colorado State, Fresno State, San Diego State and Gonzaga (non-football) in the Pac-12 had they left the American. They also could’ve each earned a projected $12-15 million in revenue compared to the $8-9 million income they’re currently getting through television contacts, bowl payouts, NCAA Tournament units, etc.

But the Pac-12 still has no media deal in place as of now, and Memphis would’ve had to pay the majority of a $25 million exit fee and sign a five-year grant-of-rights deal, according to Yahoo Sports’ Ross Dellenger. Memphis is also still hoping to join a power conference like the Big 12 or ACC someday, and joining the Pac-12 could’ve made that more difficult if a spot in the former two leagues becomes available in the future.

Memphis basketball coach Penny Hardaway spoke with reporters ahead of the Penny Hardaway Golf Classic hosted by Bluff City Collective at TPC Southwind shortly before the school’s announcement, and affirmed his faith in the AAC.

“I’m loyal to where I’m at. Obviously, the AAC is a better conference than people are giving it credit for. The dreams and hopes of this conference is to maybe merge, or get bigger,” Hardaway said. “I’m proud to represent the AAC.”