Multiple news outlets, including ESPN and OrangeBloods.com, are reporting that the Texas Longhorns have decided to stay in the Big 12. Oklahoma, Oklahoma State and Texas A&M also agreed to stay in the league.
Texas had been contemplating a move to the Pac-10, with Oklahoma, Oklahoma State and Texas Tech following whatever path the Longhorns chose. But Texas has decided to stay put in the Big 12 in light of a new television deal that could earn the Longhorns $20 to $25 million per year.
The Texas A&M Aggies were rumored to join the SEC if the Longhorns bolted to the Pac-10. Their decision to stay in the Big 12 will net them about $20 million per year in TV revenue, as will the Oklahoma Sooners.
There has been no word yet on whether the Big 12 will try to add two additional schools to bring their number back to 12. Without 12 schools, the conference cannot stage and profit from a championship game.
Meanwhile, the Utah Utes may now be sought after to join the Pac-10, which currently stands at 11 schools after the recent addition of Colorado. It is believed that the Pac-10 wants to get to 12 schools in order to hold their own conference championship game.