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Catholic 7 has framework to keep Big East name, MSG as tourney site

Mar 5, 2013, 12:28 AM EDT

Big East Future Basketball AP

This stuff moves pretty fast, huh?

After an entire weekend of discussion, following a week in which it was announced that the seven Catholic schools would break off from what is currently the Big East Conference next year and start a new conference, the group known as the “Catholic Seven” will has laid the base for keeping the Big East name, as well as keeping their future conference tournament in Madison Square  Garden.

This is according to a report by Mark Blaudschun for USA Today.

The meat of the negotiations involve the split of a Big East cash reserve that mainly consists of over $100 million from exit fees from other schools. It also involves divvying up shares from the NCAA Tournament earnings and other reserve funds.

Cincinnati, South Florida and Connecticut will be the big winners getting anywhere from $15 million to $20 million each. Those teams won’t be making the jump with the Catholic Seven, obviously.

The seven soon-to-be former Big East schools will take in $3 million to $5 million each. New schools to the conference that won’t include the Catholic Seven will split an additional $10 million.

The current Big East will also be looking for a new place to play their conference tournament next year, while the Catholic Seven have seemingly opened the  door to host their tournament in Madison Square Garden. Hartford and other cities affiliated with teams that are slated to join the current Big East will also be considered on a rotational basis.

Well, just another twist to conference realignment. It’s confusing and happens faster than most of us can keep up. It’s good that there will be some sort of resemblance to the former Big East Tournament when the Catholic Seven play a tourney in MSG, but let’s all face it, it’ll never be the same.

Follow David Harten on Twitter at @David_Harten