Here is the official release from the university on the agreement to move to the ACC in 2013.
PROVIDENCE, R.I.—The Big East Conference and the University of Pittsburgh announced today that both organizations have reached an agreement on Pittsburgh’s departure from the Big East and move to the Atlantic Coast Conference (ACC). Under the terms of the agreement reached between the Big East and Pittsburgh, Big East members will vote, in accordance with the Big East’s bylaws, to terminate Pittsburgh’s membership in the Big East effective July 1, 2013, at which point Pittsburgh will join the ACC. In addition to other consideration, Pittsburgh will make a total cash payment to the Big East of $7.5 million, which includes the $5 million withdrawal fee under the Big East Bylaws applicable at the time Pittsburgh gave notice of withdrawal.
"This is another step for the Big East to take toward a very exciting future. With the addition of our eight new members, the Big East will be incredibly strong and vibrant," said Joe Bailey, Interim Commissioner of the Big East.
Steve Pederson, Athletic Director for the University of Pittsburgh said: "We have appreciated and enjoyed our membership in the Big East and wish them much success in the future. We are anxious to compete in our final season in the Big East and look forward to an exciting future in the Atlantic Coast Conference."