The Big 12 board announced Tuesday that it was fining Baylor University $2 million for "reputational damage to the conference and its members" stemming from a sexual assault scandal two years ago.

The league, however, also announced that its third-party verification review showed Baylor had implemented the 105 recommendations from the Pepper Hamilton law firm, putting the university back on track to receive full distribution from the league moving forward.

The Big 12 had been withholding 25 percent of Baylor's revenue distribution, pending compliance with Pepper Hamilton.

To date, that has totaled almost $14.3 million. After reimbursing the Big 12's legal costs, the remaining $12.6 million will be invested by the league for the next four years. Afterward, the principle would be returned to Baylor, minus the $2 million. Any interest earned on the investment would be annually distributed to the league's 10 members, and used for funding to combat sexual harassment and violence on campus.

"We are in full support of Baylor leadership and have confidence they are moving the university forward from this chapter," Big 12 board chairman and West Virginia president Gordon Gee said in a statement.

In 2016, Pepper Hamilton found that the university had failed to follow Title IX legislation and adequately investigate allegations of sexual assault against members of the football team.

After the report was released, Baylor fired coach Art Briles; president Kenneth Starr was demoted and later resigned, while athletic director Ian McCaw was suspended and resigned.