In February 2013, multiple media reports indicated that the "Catholic 7" would depart in July 2013, two years earlier than originally planned. On March 5, the Associated Press reported tentative details of a financial agreement: In exchange for selling both the Big East name and a contract with Madison Square Garden (MSG) to host the men's basketball tournament to the "Catholic 7", as well as $10 million, the football schools would receive $100 million of a $110 million pool that had accumulated from entry fees, exit fees, and proceeds earned from appearances in the NCAA men's basketball tournament. On April 3, the football-playing schools, which retained the old Big East's structure and its automatic BCS bid, announced they would operate as the American Athletic Conference starting on July 1.