For generations, we Texans have enjoyed the high-stakes — and highly entertaining — athletic rivalries between our great state’s top universities. These rivalries are fueled by our love of our alma maters, the proximity of our wonderful universities and the regular meetings of our teams on the fields of competition.

We welcome this week’s news that the Big 12 will remain one of the foremost athletic conferences in the nation while preserving traditional rivalries, including those between the Texas teams of the Big 12. We could not be more thrilled with this outcome and believe that a long-term agreement will be reached among the Big 12 schools to preserve the conference for years to come.

From the very beginning, we’ve supported the Big 12 and believed in its continued success. Our opinion has been based not on our own loyalties but on the long-term well-being of the state of Texas.

Changes in the cohesiveness of the Texas schools of the Big 12 would have damaged the Texas economy. The Perryman Group has recently estimated potential net annual revenue decreases (in the form of losses in home-game expenditures, major-conference games, media contracts and visitor spending) to both Texas and the Waco area if Baylor were separated from other major Texas educational institutions currently in the Big 12. Losses to Texas could include almost $371.8 million in output annually and 5,764 jobs. In addition, state government would lose more than $19 million in tax revenue each year associated with this foregone economic activity.

What’s more, Texas schools compete against one another within a geographic radius just a few hours away by car from our significant population bases. The economic impact of this close proximity and the other benefits it provides to students, fans, student athletes and the universities themselves is clear. But it also affects quality of life for our citizens as these beloved and closely followed Texas rivalries are a proud part of the Texas history we share.

Baylor, Texas and Texas A&M have been competing against one another in intercollegiate athletics for more than a century, while Texas Tech has been facing the Bears, Longhorns and Aggies for more than 80 years — and we are excited to see those traditions honored and protected.

Although we personally maintain close associations with Baylor, the university and its supporters were not alone in asking for preservation of the Big 12 or broader consideration of this matter. Elected officials and business leaders across Texas and in other areas of the nation spoke out in support of the continuation of our conference.

We applaud the strong leadership of the University of Texas, Texas A&M University, Texas Tech University and Baylor University who believed in the benefits and significance of keeping the Texas schools of the Big 12 together.

We embrace and celebrate the great rivalries that have continued over the last century between these four schools. We are grateful that in the future we will see those rivalries thrive and grow.

By virtue of decisions rendered this week, the state of Texas has prevailed. What we have believed, and what we will continue to believe, is that we stand stronger when we stand together.

This column was written jointly. Jay Allison, a Baylor grad in ’78, ’80 and ’81, is president and CEO of Comstock Resources. Joel T. Allison (’70) is president and CEO of Baylor Health Care System. Robert E. Beauchamp, a Baylor regent, is chairman and CEO of BMC Software. Drayton McLane Jr. (’58) is chairman of the McLane Group and chairman and CEO of the Houston Astros Baseball Club. Bob Perry (’53, ’62) is chairman of the board of Perry Homes. Bob R. Simpson (’70, ’71) is chairman of the board and founder of XTO Energy. Jim L. Turner (’69) is principal of JLT Beverages and chairman and president of Cadbury Schweppes Bottling Group. Former Texas Gov. Mark W. White Jr. (’62, ’65) is president and chairman of GeoVox Security Inc.