UPDATE: Eh, probably not. I'm leaving the original post because, at this point, who really knows?
Texas A&M has reportedly turned down an offer to join the Pac-10 / Pac-11, narrowing the program's options to remaining in the Big XII or joining the SEC.
Per realignment "insider" Chip Brown:
Texas A&M turned down invite to join P10 in mtg today with P10's Larry Scott and Kevin Weiberg in College Station, a Big 12 AD confirms.
As always with realignment news, grain of salt; even Brown's usually spot-on reports are subject to the smoke-filled anonymously-sourced back rooms of college football, where allegiances and politics aren't always clear.
But if A&M has declined the Pac-10's offer, that puts the ball back in Texas' court: Accept Dan Beebe's long-shot proposal to keep the Big XII intact at 10 teams or leave the conference and watch A&M join the SEC. The latter is still the most likely outcome, but again the bizarre politics of realignment enter the picture; by turning down the Pac-10, A&M can increase the pressure on Texas to keep the old gang together. The question becomes whether the Longhorns think they can make more money from a Pac-15 / Pac-16 alliance and network or from the continuation of the Big XII along with a Texas network, a longtime dream in the Lone Star State.
How many ways can I say, "Stay tuned."