Keep in mind, this a report from ESPN.com -- a source that admits in its own story that its earlier report is now looking incorrect:
Based on a TV deal in the works that could pay them upwards of $25 million per year, Texas is leaning toward staying in a 10-team Big 12 for the foreseeable future, Orangebloods.com has reported, citing sources familiar with negotiations. Texas was meeting Monday with the other remaining nine schools in the Big 12 about a TV deal included in a plan put together by Big 12 commissioner Dan Beebe that would keep the league intact with its current programs, according to multiple reports. ... Earlier Monday, ESPN reported that the departure of Texas, Texas Tech, Oklahoma and Oklahoma State to the Pac-10 was "imminent," citing four sources within the Big 12. A source told ESPN's Joe Schad that Texas president WiIlliam Powers Jr. was taking a "global view" of the landscape, excited about the importance of aligning his school with research opportunities and academic reputations of schools in the Pac-10.
Word is Texas is also mulling a lucrative offer to form a Division III football-only power conference with St. John's and other schools. That deal can possibly be sealed for 100 loaves of special Johnnie bread from Collegeville.