Here is the text of the letter from Dan Beebe that the SEC alluded to in its statement:
This is to confirm our discussion yesterday during which I informed you that the Big 12 Conference Board of Directors unanimously authorized me to convey to you and their colleagues in the Southeastern Conference that the Big 12 and its members will not take any legal action for any possible claims against the SEC or its members relating to the departure of Texas A&M University from the Big 12 and the admission of Texas A&M into the SEC; provided, however, that such act by the SEC to admit Texas A&M is publicly confirmed by 5:00 p.m. (CDT) on September 8, 2011.
Such admission of Texas A&M will result in the withdrawal of Texas A&M from the Big 12 Conference effective June 30, 2012. We both agreed it is in the best interests of each of our conferences and our member institutions of higher education to waive any and all legal actions by either conference and its members resulting from admission of Texas A&M into the SEC, as long as such admission is confirmed publicly by September 8, 2011.
If any of your presidents and chancellors have concerns about this commitment of the Big 12 Conference, they may contact me or Brady Deaton, Big 12 Board of Director chairman and chancellor of the University of Missouri, Columbia.
According to numerous reports this morning, the institution that withdrew its consent was Baylor. I don't know what exactly will happen if the 5:00 pm CDT deadline tomorrow passes without Baylor waiving its right to sue, but one very likely outcome is the SEC rescinding its acceptance of the acceptance of A&M. While Baylor doesn't look good going back on its pledge not to sue, I can't blame it too much. No one else is looking out for them.