The Texas A&M System Board of Regents has given University President R. Bowen Loftin the power to negotiate the separation agreement with the Big 12 Conference as A&M heads to the Southeastern Conference.
The authorization came during Monday's meeting of the board.
The Aggies announced this summer that they would leave their conference home since 1996.
In 2010, the conference made agreements with Nebraska and Colorado for their departures.
The Big 12 withheld $9.2 million when Nebraska bolted the conference. Colorado lost $6.9 million.
Under the bylaws of the Big 12, A&M could miss out on 90 percent of its conference revenue over the last two seasons. Reports estimate that total at $28 million.
A&M officials have been in negotiations with the Big 12, as has the University of Missouri, which is also leaving the Big 12 for the SEC.