Originally, Syracuse planned to stay in the Big East until 2014 under the terms of a 27-month exit period. Paying this exit fee ends that contract.
Pittsburgh is still under the exit plan right now, but it may also pay a departure fee to move early to the ACC.
Pitt will also leave the Big East for the ACC, but its departure date remains uncertain. A source close to the Big East told ESPN.com's Andy Katz on Monday that Pitt was expected to leave by fall 2013.
The school filed a complaint in a Pennsylvania court in early May, claiming the Big East had waived its right to enforce its 27-month withdrawal notice and that the Panthers should be allowed to move to the ACC without further penalty by the 2013-14 conference year.
While that case is still pending, Syracuse's future is no longer in doubt.
“We look forward to the new academic and athletic partnerships and the extraordinary competitive opportunities that membership in the ACC offers,” Gross said. “We are excited about both our final season in the Big East and our long-term future with the ACC.
This means that we're only a year away from Jim Boeheim vs. Coach K, another crappy football team added to a crappy football conference, and, of course, the formation of the greatest lacrosse conference in history. Think about this: With the addition of Syracuse, the ACC will have 10 of the last 14 national champions on its roster. Is it possible that the conference will begin to be better known for lax than basketball?