New Memphis athletic director Ed Scott said that one of the factors in saying no to the Pac-12 was the business side of the matter.

The Pac-12's membership offer to Memphis would have been a "bad" deal for the university, Tigers athletic director Ed Scott said Thursday, confirming, too, that the Pac-12 was only willing to cover $2.5 million of AAC's $25 million exit fees.

Memphis and three other universities re-affirm their commitment to remain in the American Athletic Conference amid interest from the Pac-12 Conference.