Rumor I'm hearing is the Pac-12 caved in negotiations and Texas & Friends are headed there, possibly extremely soon. Specifically:
- Texas keeps the Longhorn Network
- There will be some Pac-16 programming on the Longhorn Network
- Texas keeps all proceeds from the LHN, unless 1/16 the other TV revenue is worth more than the LHN, then it all gets divided up evenly among the teams.
- OU, Texas Tech, and Oklahoma State will all join with Texas.
Rumored structure is a pod system, with Texas, OU, Texas Tech, and Oklahoma State in a "Heartland Pod". Structure would be you play everyone in your mod each year, and two teams from every other pod, with 4 pods to make up the 16 teams.
Statesman is reporting the same thing: http://www.statesman.com/blogs/content/shared-gen/blogs/austin/longhorns/entries/2011/09/18/official_potent.html