UPDATE: Washington Post writer Alex Prewitt reports the vote by Maryland's Board of Regents to move to the Big Ten was not unanimous, and the Big Ten Council of Presidents has accepted Maryland to join the conference, beginning in the 2014-15 school year:
The University of Maryland's Board of Regents has unanimously approved the school's move from the Atlantic Coast Conference to the Big Ten, according to ESPN.com's Brett McMurphy via Twitter:
Maryland's next step would be to formally apply for admission to the Big Ten and for the conference's council of presidents to vote on it. Maryland is expected to be followed by Rutgers leaving the Big East and give the Big Ten 14 schools.
Maryland reportedly would have to pay a $50 million exit fee to leave the ACC, after joining Florida State as the two teams voting against the increased exit fees.
Maryland eliminated seven athletic teams this summer due to financial shortfalls that President Wallace D. Loh said would not allow the university to sustain 27 sports.
The additions of Maryland and Rutgers would increase the Big Ten's presence on the East Coast, bringing two larger television markets into the conference and enhancing its next television package.
A television executive told SI.com's Pete Thamel, the move could be worth as much as $200 millon annually for Big Ten cable subscription fees, and 15 million television households -- but not without risk.