Pittsburgh will pay the Big East $7.5 million to leave the conference after the upcoming school year and join the Atlantic Coast Conference on July 1, 2013.
The Big East reached a similar deal earlier this week with Syracuse, which is also leaving for the ACC.
The deal with Pitt includes the $5 million it already paid after it announced it was leaving and agreed to remain in the conference until July 1, 2014.
Big East bylaws require members to give 27 months' notice when exiting the conference. Pitt and Syracuse announced last September they were jumping to the ACC.
Pittsburgh filed a lawsuit in Pennsylvania in May claiming the Big East waived its right to enforce a withdrawal notice after letting West Virginia leave for the Big 12 early.