Rutgers' move to the Big Ten will become official this afternoon, with the school announcing that it will hold a 2 p.m. press conference at the Hale Center to formally usher in a new era for the athletic department.

A football member of the Big East since 1991, and an all-sports member of the league since 1995, Rutgers has targeted the fall of 2014 to make its Big Ten debut, along with Maryland. The latter ended a 59-year association with the ACC by bolting for the Big Ten on Monday.

The addition of Rutgers will give the Big Ten 14 schools.

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In addition to being the nation's oldest conference (formed in 1896), the Big Ten is one of the most prestigious and influential in college athletics. It is also one of the biggest cash cows, with the league reportedly paying its schools $24.6 million apiece a year ago. The Big East, in the midst of negotiating a new TV deal, paid $6 million to each football school then.

SI.com, citing projections the Big Ten made to Maryland, said Big Ten schools could make $43 million apiece in 2017 when a new TV deal is reached. Rutgers' athletic budget for its 24 sports is approximately $60 million.

Big East exit penalties call for a $10 million departure fee and a 27-month waiting period, although the latter was reduced for West Virginia, Pittsburgh and Syracuse. All three paid more money to avoid the extended wait.

Tom Luicci: tluicci@starledger.com; twitter.com/TomLuicci

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