We'll udpate in a moment, but here's the announcement:

The University of Texas at Austin’s athletics programs will continue competing in the Big 12 Conference, the university announced today.

So cancel those tickets for College Station.

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UPDATE 1: Game over for the SEC

Let's go ahead and guess for now that Texas A&M isn't going anywhere. That's probably a safe assumption because there's no real reason for them to bolt for the SEC now. And any small hopes of moving Oklahoma are gone as well.

Which means the SEC probably won't expand. First, they have no reason to "keep up with the Joneses." Second, there are no candidates that make sense without the Aggies or the Sooners. (Sorry, Clemson and even Virginia Tech; you're really not that interesting without another team in the mix.) So expect the SEC to stay put at this point unless the Pac-11's Larry Scott or the Big Ten(+2)'s Jim Delany makes a move.

Which suits the ACC and Big East just fine, thank you very much. But the Mountain West's dreams of becoming a BCS conference could take a major hit; the Pac-11 will likely try to get Utah as a 12th team, if the rumors are true, which would eliminate any remaining chance of an automatic Mountain West bid.

Still plenty of reasons to stay tuned, but we're downgrading the alert status back to yellow.