Today the Western Athletic Conference, Fresno State and the University of Nevada released the following announcement:

“The Western Athletic Conference (WAC), Fresno State and Nevada have reached an agreement resolving their disputes regarding the departure of Nevada and Fresno State from the WAC. Fresno State and Nevada will remain members of the WAC in all sports through June 30, 2012. Fresno State and Nevada will each pay $900,000 to resolve all claims of the WAC regarding their departure.”

A copy of the Settlement Agreement is available here.

A copy of the WAC Corporate Resolution is available here.

Following the announcement, Milt Glick, president of the University of Nevada, Reno, said: “The WAC has been a good conference for our program and I remain appreciative of the collegiality, level of competition and hospitality that each WAC member institution brings to the conference. Through our membership in the WAC, many of us at Nevada have developed strong friendships with our colleagues at the other institutions, and these friendships will continue.

“We look forward to joining the Mountain West Conference,” Glick said. “We continue to believe this is a positive move and in the best interests of our intercollegiate athletics program, this University and Wolf Pack fans.”

“We are very pleased to have worked out this settlement which will support a graceful transition,” said Cary Groth, University of Nevada athletics director. “Today’s announcement removes uncertainty and allows the WAC, the Mountain West and our program to move forward.”

Glick said the agreement provides the $900,000 will be paid over five years. The first year payment will be subtracted from the University of Nevada’s portion of the conference revenue that is distributed to the member institutions.

“We believe that new revenues which will result from the move to the Mountain West will offset the departure fee,” he added, noting the Mountain West Conference has agreed to waive the entry fee.