The Iowa State Cyclones and Kansas State Wildcats paid the price for deciding to opt out of a college football bowl game on Sunday.
The Big 12 Conference announced it fined the two schools $500,000 each for their decisions.
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"The Big 12 Conference is issuing a $500,000 institutional fine to Iowa State and Kansas State for opting out of their participation in the Conference's bowl pool," the conference said in a statement.
"While the Conference acknowledges the difficult timing around coaching changes, the Big 12 is responsible for fulfilling its contractual obligations to its bowl partners."
Iowa State finished 8-4 and Kansas State was 6-6 to end the season. Both teams, because they reached six wins, were bowl eligible. But both schools found themselves in an inopportune position.
Wildcats head coach Chris Klieman announced his retirement earlier in the week and Cyclones head coach Matt Campbell decided to leave for Penn State.
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Iowa State officials and the previous coaching staff met Sunday with players to gauge their interest in participating in a bowl game.
"The administrative staff and coaches respect and support the players' decision," Iowa State athletic director Jamie Pollard said. "Our student-athletes have had an incredible season and we are grateful for their leadership as we worked through this process with them today."
Kansas State athletic director Gene Taylor said he talked to Wildcats players and Big 12 Commissioner Brett Yormark before making the decision.
"This decision was not taken lightly, but with our coaching staff transition and several uncertainties regarding player availability, I felt it was not in our best interest to try to field a team that was not representative of Kansas State University," Taylor said. "We applaud this group for fighting back from a 2-4 record to lead us to bowl eligibility yet again, and we are happy that our seniors were able to go out on top with a victory inside Bill Snyder Family Stadium."
The Associated Press contributed to this report.
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