Big 12 Sanctions Playoff

Big 12 chief executive officers approved a football playoff game between the North and South division champions that will bring at least $550,000 to each school in the new league.

During a seven-hour meeting Tuesday, school presidents and chancellors also agreed to a revenue-sharing formula that allows schools to keep their football gate receipts and their earnings from NCAA basketball tournament appearances in the year they earn them.

The Big 12 - a union of four schools from the Southwest Conference with the schools of the Big Eight Conference - plans to begin competition in August 1996.

The Texas schools - Texas, Texas A&M, Texas Tech and Baylor - will join with Oklahoma and Oklahoma State in the southern division. Nebraska, Iowa State, Missouri, Colorado, Kansas and Kansas State will be in the northern division.