The University of Maryland's Board of Regents voted Monday to accept an invitation to join the Big Ten and begin competition in the conference in the 2014-15 academic year.

Meanwhile, Big East Conference sources told ESPN that Rutgers will be announced as the 14th member of the Big Ten on Tuesday. Rutgers' Board of Governors passed a vote Monday authorizing athletic director Tim Pernetti to accept the Big Ten's invitation, the New York Daily New reports.

"Today is a watershed moment for the University of Maryland," said university president Wallace D. Loh in a release. "Membership in the Big Ten Conference is in the strategic interest of the University of Maryland."

Loh added it would "ensure the financial vitality of Maryland Athletics for decades to come," and offer opportunities to boost the "education, research, and innovation" of the university.

Once Maryland's board voted and faxed a letter of application to the Big Ten on Monday, the conference's council of presidents unanimously approved the Terrapins' admission, a source said. Maryland, along with seven others, was a charter member of the Atlantic Coast Conference in 1953.

"Our best wishes are extended to all of the people associated with the University of Maryland. Since our inception, they have been an outstanding member of our conference and we are sorry to see them exit," ACC commissioner John Swofford said in a statement. "For the past 60 years the Atlantic Coast Conference has exhibited leadership in academics and athletics. This is our foundation and we look forward to building on it as we move forward."

Sources at Maryland believe the Terps will be able to negotiate the current $50 million exit fee from the ACC to a lower amount. The additions of Maryland and Rutgers would spur the Big Ten, then, toward negotiations on a new media-rights deal when its first-tier rights expire in 2017.