Will Nebraska & others have to pay? Maybe not

I thought that if at least five schools were left in the Big XII, the early-exit penalties could be enforced. But it looks like five wouldn't be enough, if this passage from Blair Kerkhoff's latest column is true:

Say seven schools jump ship and penalties are enforced. The Big 12 will have handed out $139 million to its 12 schools this year. Under the league's bylaws the lion's share of that money will be withheld from the lease-breaking seven and awarded to the leftover five.

As much as $20 mil a pop. Nice seed money to start a new life, yes?

Ah, but there's a snag. The Big 12 is incorporated in Delaware because of the state's friendly corporate laws. And where it takes nine votes to change any Big 12 bylaw, there's nothing on the Big 12 books about dissolution. In Delaware, majority rules, and seven votes could dissolve a conference.

The link: http://www.kansascity.com/2010/06/13/2015415/breaking-up-the-big-12-is-a-powers.html