Texas just sent out a release announcing that it will remain in the Big 12 Conference.
The league will move forward with 10 teams after Colorado and Nebraska defected last week.
The Big 12 appeared to be dead as of Friday, but an 11th hour brokering of a major TV deal that will handsomely reward the remaining 10 teams, and in particular Texas, Texas A&M and Oklahoma, according to reports.
By remaining in the Big 12, Texas turned down an invitation to join the Pac-10 and form the first superconference. Texas Tech, Oklahoma and Oklahoma State would have followed Texas. Texas A&M either would have joined the Pac-10 or the SEC.
Texas president William Powers Jr., athletic director DeLoss Dodds and women's athletic director Chris Plonsky will address the media on Tuesday morning.
The news is a major relief to Baylor, which was staring at an uncertain future had Texas and the others left the Big 12 in shambles. Kansas is also breathing a sigh of relief.