SYRACUSE, N.Y. (WKTV) - Syracuse University announced that they have reached an agreement with the Big East to leave the conference and join the ACC in July of 2013.

The University made the announcement Monday that the Big East will waive the 27-month exit window.

Under the terms of the agreement reached between the Big East and Syracuse, Syracuse's membership will be terminated effective July 1, 2013, at which point Syracuse will join the ACC.

Syracuse will make a total cash payment to the Big East of $7.5 million.

"We look forward to the new academic and athletic partnerships and the extraordinary competitive opportunities that membership in the ACC offers," said Dr. Daryl Gross, Director of Athletics for Syracuse University. "We are excited about both our final season in the Big East and our long-term future with the ACC."

The University of Pittsburgh also announced they are leaving the Big East but its release is apparently still in the works and may be entangled with the school's legal maneuverings to get out of the conference.

A Pitt spokesperson said that the university will "will not be commenting on the news out of Syracuse, or on any developments in Pitt's status in the Big East at this time."