The challenge will include 10 games that include previously scheduled contests and newly created matchups exclusively for the event. Each conference will host four home games with two games being hosted on a neutral site. Game times will be set at a later date.
Besides Florida and Kansas, Kentucky vs. Baylor is the other highlight matchup.
"The ability to showcase SEC basketball in this kind of conference competition makes this a unique and exciting event for our coaches, student-athletes and fans," SEC Commissioner Mike Slive said. "We are pleased to be able to work with the Big 12 and ESPN to highlight the sport of men's basketball."
Arkansas, Georgia, LSU and Tennessee will not participate because of different sizes in the conferences.
The other matchups are Texas Tech at Alabama, Vanderbilt at Texas, Auburn at Iowa State, Ole Miss at Kansas State, West Virginia at Missouri, TCU at Mississippi State, South Carolina at Oklahoma State, and Texas A&M vs. Oklahoma in Houston, Texas.
Kansas will bring a young but talented team to Gainesville, led by the No. 1 high school player in the country in Andrew Wiggins and Gainesville center product Joel Embiid.
On the day that the top high school basketball player in the country signed with Kansas, the Big 12/SEC Challenge was announced with a matchup sending the Jayhawks to Gainesville. Florida and Kansas will play the second to last game of the challenge on December 10.