According to a report from Chip Brown and Orangebloods, Texas has committed to a 10 team Big 12 and will not accept a Pac-10 invite. The report goes on to say that an announcement could be made as early as Monday. There is still plenty that can happen between now and who knows when (namely aTm's pending decision), but for now it would appear that the Big 12 could actually remain intact.
Check out a great recap from CC as to the details of Beebe's propsed plan. Highlights include a nine game conference schedule where every team would play each other and no more conference championship game.
UPDATE: As Redhawk mentioned in the comments, ESPiN is reporting that there is no truth to the report on Orangebloods. No offense ESPiN, but Chip Brown has been all over this thing and has much greater access to UT than the likes of Joe Schad. Dueling reports everybody, so stay tuned!