Colorado will re-join the Big 12 Conference beginning with the 2024 football season, the school announced Thursday.

The school’s Board of Regents unanimously approved a resolution to leave the Pac-12 at the conclusion of the upcoming athletic year. The Buffaloes were a member of the Big 12 from its formation in 1996 until they departed for the Pac-12 in 2011.

Colorado chancellor Philip DiStefano and athletics director Rick George released the following joint statement:

“After careful thought and consideration, it was determined that a switch in conference would give CU Boulder the stability, resources, and exposure necessary for long-term future success in a college athletics environment that is constantly evolving. The Big 12′s national reach across three time zones as well as our shared creative vision for the future we feel makes it an excellent fit for CU Boulder, our students, faculty, and alumni.

“These decisions are never easy and we’ve valued our 12 years as proud members of the Pac-12 Conference. We look forward to achieving new goals while embarking on this exciting next era as members of the Big 12 Conference.”

The Big 12 also welcomed the Buffaloes with a statement recalling Michael Jordan’s return to the NBA in 1995 after a two-year retirement:

Colorado is the third school to announce a departure from the Pac-12 in the last year, after USC and UCLA left for the Big Ten beginning this year. Arizona, Arizona State and Utah are also said to be considering jumping conferences in the near future.

Colorado was once a power in the Big 12 and Big 8 (the predecessor to the Big 12), but has been among the worst Power 5 programs in the country since moving to the Pac-12. The Buffaloes went 1-11 last season, and hired Deion Sanders as head coach in the offseason.

The Big 12 is losing Texas and Oklahoma to the SEC in 2024, but added Central Florida, Cincinnati, Houston and BYU to become a 14-team league this year. Adding Colorado would make for a 13-team Big 12 next season, meaning the conference is likely to add at least one more member before then.