The Southeastern Conference will distribute a record $309.6 million in revenue to its 14 member institutions, which equates to $20.9 million per school.

Commissioner Mike Slive announced the payout Friday, the final day of the annual SEC meetings.

The revenue is generated from football and basketball television contracts, bowl games, the league's football championship game, the league's men's basketball tournament, NCAA championships and supplemental surplus.

The SEC also passed five proposals Friday, including:

— The league instituted an automatic waiver for graduate-school transfers with less than two years of eligibility remaining, a move that should expedite the transfer process.

— The league will allow the use of artificial noisemakers any time during football games except for when the center is over the football until the stoppage of the play.