The remaining Big 12 members are close to a remarkable comeback that will ensure the conference's viability of 10 members a source familiar with the negotiations told The Dallas Morning News.

Several small details need to be ironed out, but the framework of an agreement appeared to be in place Monday afternoon.

Pac-10 Commissioner Larry Scott confirmed that the University of Texas has declined an invitation to join the conference. The decision will preserve the Big 12 as a 10-team conference, assuming Texas A&M elects to remain. Texas A&M officials were deliberating Monday afternoon.

In a brief phone conversation, Scott said: “We’ve been informed by University of Texas president Bill Powers that Texas will stay with the Big 12. We have not received definitive details about this decision.”

As he left the Main Building, Powers declined comment.

Big 12 member schools and TV partners met Monday to work on a lucrative television deal that would convince the University of Texas and three other schools — Oklahoma, Oklahoma State and Texas Tech — to abandon pursuit of Pac-10 membership.

The TV dollars were also enough to convince Texas A&M to stay with the conference. The Aggies had been pursuing a bid to the Southeastern Conference.

Under Big 12 commissioner Dan Beebe's plan, Texas would see a sharp increase in revenue under a new cable TV right deal with Fox Sports. Because of the Big 12's revenue sharing formula, Texas would probably make more than the $17 million average, perhaps close to $20 million. The Longhorns would also be allowed to form their own network, something that would not be allowed in the Pac-10.

via Texas turns down Pac-10; Big 12 schools have framework of deal | Sports News | News for Dallas, Texas | Dallas Morning News.