Texas: Longhorns Staying in the Big 12

Texas says it is staying in the Big 12.

Shortly after Pac-10 commissioner Larry Scott confirmed to The Associated Press in an e-mail that the University of Texas had declined an invitation to join his conference, the Longhorns put out a statement saying they would "continue competing in the Big 12."

Report: Texas to Stay in Big 12

Oklahoma and Texas A&M also say they will stay in the Big 12, which on Friday seemed in danger of falling apart after Nebraska and Colorado both decided to leave over the next two years.

Texas president William Powers Jr. wouldn't give any details about why the school decided to stay put when asked by the AP. The school has scheduled a news conference for Tuesday morning.

According to Orangebloods.com, Texas will commit to a 10-member conference. Texas' decision could have a domino effect - especially with regard to Texas A&M.

"The rest of the conference will look to Texas A&M and see if the Aggies are willing to stop considering a move to the SEC, recommit to the Big 12 and preserve 100 years of tradition with its top in-state rival," Orangebloods.com's Chris Brown reports.

According to the report, Big 12 commissioner Dan Beebe promised a newly-crafted TV deal which would pay each of the 10 remaining members of the conference between $14 million and $17 million.