06/14/2010 05:59 pm ET Updated May 25, 2011

Big 12 Will Continue Play With 10 Teams; Decision Could Cost CU Millions

In an unexpected move that could cost the University of Colorado millions of dollars, the remaining ten teams of the Big 12 appear close to keeping the conference together.

From the AP:

The Associated Press has learned that the Big 12 Conference, which has lost Nebraska and Colorado in the last week, is close to moving forward with its 10 remaining schools.

A person with direct knowledge of discussions among the Big 12's remaining members said the University of Texas would be clear to set up its own TV network and keep all proceeds in exchange for remaining in the Big 12. The person, speaking on condition of anonymity because nothing has been finalized, stopped short of flatly predicting the league would survive, adding that details were still being worked out.

Texas is considered the key to the Big 12's survival after Nebraska (Big Ten) and Colorado (Pac-10) decided to leave over the next two years. The Pac-10 has courted Texas and other Big 12 South Division schools.

The Big 12 requires any member who leaves the conference to forfeit 50% of annual conference revenue. According to most projections, this will equal about $9 million, a sum that the school would not have to pay if the Big 12 dissolved.

The Pac-10 will likely help CU pay the costs of leaving the Big 12.

"It'll come out of the future revenue from a much better TV deal -- if we have to pay it," CU President Benson told the Denver Post last week, noting that administrators were still uncertain what the Big 12 will look like in a week.