The Big 12 is still intact, but commissioner Dan Beebe, not so much.
Bebee and the Big 12 reached a “mutual agreement” to part ways immediately. Most observers believed the move was inevitable after Nebraska and Colorado jumped ship. With Texas A&M set to head to the SEC, there was growing sentiment to remove Beebe as commissioner.
"I put all my effort into doing what was best for the Big 12. With great fondness, I wish the Big 12 Conference a long and prosperous future," Beebe said in a statement.
Former Big Eight commissioner Chuck Neinas was appointed new interim commissioner.
In a related move, the Big 12 announced it is going to continue with nine teams. Oklahoma and Texas both announced their commitments to the league. The news didn’t come as a shock, though, when the Pac-12 shut the door on expansion and with the SEC apparently not wanting the Sooners.
In addition to keeping the Big 12 together, the league announced a new revenue split for its remaining member institutions. The schools will give a six-year grant of their first and second-tier TV rights to the conference. Money from the top games on Fox and ABC/ESPN would go to the league even if a school leaves for another conference.
It was a move put in place to prevent a school from leaving the conference.
None of this has stopped the conference's desire to get back to 12 teams. The Big 12 also announced it will continue to look to expand and will re-activiate its expansion committee.
Nothing changed on the Longhorns Network front, though. Texas agreed to revenue sharing, but not with its 20-yard, $300 million deal it has with ESPN. Most believe Texas won’t budge on it.
It's a brilliant move by the Longhorns. The Pac-12's announcement that it has halted expansion could change. And the Big Ten is certainly not done expanding. The SEC will eventually want to land a 14th team, while the ACC could still seek a 15th and 16th member.