The school will play five football games annually against the league's programs, but will be a full member in all other sports. The Irish will have access to the ACC's non-BCS bowl tie-ins.
The ACC also increased its exit fees for league schools to three times the annual operation budget which would currently come to more than $50 million. Swofford said the exit fee goes into effect immediately and would apply to Notre Dame.
Jenkins said maintaining football independence was critical for the school's identity and thanked the ACC for working out a way to make a move feasible.
"I just want to say emphatically and clearly, (football) aside, we're all-in in the ACC. ... We're deeply committed to the ACC," Jenkins said.
While the Irish can maintain football independence, the ACC is making an exception to its all-or-nothing requirement for schools to be full members amid the shifting landscape of conference affiliations.
"It's a marquee brand and any time you add a marquee brand to your established tradition and the wonderful stuff you have, it enhances it," Boston College football coach Frank Spaziani said Wednesday morning.
Swofford said the ACC is done with expansion for now.
"There is no need to add a 16th team to the league and there's no intention of doing so," he said.
It is unclear when the realignment will take effect. The Big East has a 27-month notification period for any member that wants to leave, and a $5 million exit fee. Swofford said that would be handled between the Big East and Notre Dame.
The Big East has also shown a willingness to negotiate an early exit, as it did with Pittsburgh and Syracuse, who are scheduled to leave the Big East and join next year. The Big East received $7.5 million each from Pitt and Syracuse.
"The University of Notre Dame has informed us that it is joining the Atlantic Coast Conference in all sports other than football. Notre Dame has been a valued member of the Big East Conference and we wish them success in the future," Big East Commissioner Mike Aresco said. "However, Notre Dame's departure does not change our plans. We have prestigious institutions that are excited to be a part of the Big East. We remain committed to making the Big East stronger than it has ever been."
In May, the ACC announced it had reached 15-year TV deal with ESPN worth $3.6 billion, which came after Pittsburgh and Syracuse decided to leave the Big East. Swofford said Notre Dame's move would allow the ACC to begin renegotiating its TV deal, though Notre Dame would keep its football revenue from its partnership with NBC and wouldn't receive TV revenue for other ACC football games.
Swarbrick said the deal was "financially neutral" for Notre Dame.
Notre Dame has played basketball in the Big East since the mid-1990s. Now, in the ACC, the Irish will face traditional powers like Duke and North Carolina and rekindle its rivalries with Syracuse and Pittsburgh while the league also fits other sports Notre Dame is competitive in, including lacrosse and soccer.
Swarbrick said he informed the Notre Dame coaches of the move Wednesday morning. One of them, men's basketball coach Mike Brey, attended the news conference held at North Carolina's Kenan Stadium. He spent eight years as an assistant to Duke Hall of Fame coach Mike Krzyzewski.
"I think it's great and it comes as a great shot in the arm, I think, for me and our program," Brey said. "I'm looking forward to it. I still know a couple of the barbecue places around here. I know where to find stuff."
The ACC in turn cements a relationship with one of the nation's most storied football programs, adding to a group that already includes Florida State, Miami, Virginia Tech and Clemson. That would also seem to position the ACC as the easy choice if Notre Dame ever decides to give up its football independence.
Notre Dame considered giving up its football independence in 1999 to join the Big Ten, but alumni were staunchly opposed and the deal never got done. Throughout the dizzying conference realignment of the past few years, Notre Dame officials have been adamant about maintaining football independence.
The ACC decided to accommodate Notre Dame's desires.
AP sports writers Hank Kurz in Richmond, Va., and Ralph D. Russo in New York, and Associated Press Writer Tom Coyne in South Bend, Ind., contributed to this report.