Two main points here:
1) Chip Brown is reporting that members of the Texas Legislature are vowing to block any Texas movement to the Pac 10 unless Baylor, yes Baylor, is included in the deal. The move has prompted speculation that Colorado has been dumped from the plans in favor of the Bears.
2) The Big 12 has given Nebraska a Friday deadline to figure out if they are staying or leaving.
Texas, apparently, wants to now stay in the Big 12 so that the Horns can create their own TV Network dedicated to Longhorn sports. A move to the Pac 10 would end that dream as the Horns would have to surrender rights to the Pac 10 Network which is in the works. But, Texas doesn't want to stick around in a Nebraska/Mizzou less Big 12 either. There really aren't two teams that can come in and replace those schools. So, the way it looks right now, is this:
1) If Nebraska stays in the Big 12; so will Texas and everyone else. UT gets their network and even more money.
2) If Nebraska bails, the entire Big 12 South may bolt to the Pac 10. Colorado/Baylor is a tossup depending on how much political pressure the Bears can drum up in the legislature.
There's a no politics rule on this blog. But, I can't help but wonder what UTEP's position could be if the El Paso delegation had more, or any, sway in Austin. Look at what Baylor's power brokers have been able to do!
For the Texas perspective, check out BON.