What happened: The $23 million entrance fee was reported per ESPN sources. JMU will receive an American TV/postseason/NCAA share in line with recent additions. The entry fee plus the expected $5 million Sun Belt departure fee will be covered privately.

Why it matters: The terms put a price on the planned conference switch for July 1, 2028 after the board voted to leave the Sun Belt. A Sun Belt exit-fee vote planned for later this week accelerated the timeline. Aligning JMU's share with recent additions sets its revenue starting point in the American.

What to watch: Watch for formal exit notice to the Sun Belt and final American membership approval. The Sun Belt exit-fee vote later this week remains the near-term trigger.