Report: Texas, Oklahoma To Declare Intent To Leave Big 12 As Soon As '24-48 Hours'

(CBSDFW.COM) - The fate of the Big 12 is hanging in the balance as a source tells CBS Sports that the Texas Longhorns and Oklahoma Sooners could announce their intent to leave the conference within "24-48 hours."

Texas and Oklahoma took over the headlines in the college sports world this week after it was reported that they intend to bolt to the Southeastern Conference.

While there has been no official announcement, a source told CBS Sports the move could happen soon.

"It could be as soon as 24-48 hours and as long as two weeks before we have any clarity in terms of timing," the source told CBS Sports.

The two universities currently have a TV rights contract with the conference that ends in 2025. CBS Sports reports that if they wanted to leave before the contract expires, they would owe up to $80 million to the Big 12.

On Thursday, leaders of the Big 12 held a call to discuss ways of keeping Texas and Oklahoma and contingency plans to move on without them. The Big 12 stated the eight other schools in the conference want the two universities to stay.

"There is a recognition that institutions may act in their own self-interest, however there is an expectation that members adhere to Conference bylaws and the enforcement of Grant of Rights agreements," the Big 12 stated.

If Texas and Oklahoma were to join the SEC, the conference would become a 16-team powerhouse that includes Alabama, Texas A&M, Louisiana State University and Georgia.

CBS 11 Sports reached out to the University of Texas at Austin athletics department about the situation, but they declined to comment.