Texas and Oklahoma issued a joint statement on Monday indicating that the two schools do not intend to renew their grants of media rights to the Big 12 upon the expiry of the current deal in 2025.

The official move comes after news broke last week that the two football bluebloods are set to depart the 10-team conference for the SEC.

In a statement released on Monday, the two schools did not deny that they intend to defect from the Big 12.

"The universities intend to honor their existing grant of rights agreements," the statement read. "However, both universities will continue to monitor the rapidly evolving collegiate athletics landscape as they consider how best to position their athletics programs for the future."

Texas and Oklahoma were charter members of the Big 12 upon its inception in 1996.

The potential defections of the Longhorns and Sooners will send shockwaves across the Power 5 conferences and likely usher in a new wave of realignment.

On Sunday, the Big 12 announced that its executive committee had met with the presidents of both schools.

“The meeting was cordial, and the Executive Committee expressed a willingness to discuss proposals that would strengthen the Conference and be mutually beneficial to OU and UT, as well as the other member institutions of the Conference,” Big 12 commissioner Bob Bowlsby said in a statement. “I expect that we will continue our conversations in the days ahead and we look forward to discussing thoughts, ideas and concepts that may be of shared interest and impact.”