So, here is what I'm hearing through the grapevine:
UT met with OU to talk about keeping the Big 12 together so they could keep the Longhorn Network. OU told UT what they wanted to see with the Longhorn Network and UT said they couldn't do that. OU said they will be leaving the conference then and thus starting the end of the Big 12.
This will most likely take place in the next 2 weeks, but the way things have been going, may take longer.
A&M - Move to SEC
OU - Move to Pac-12
OSU - Move to Pac-12
UT - Swallows pride, gets rid of Longhorn Network and moves to Pac-12
Tech - Move to Pac-12
KU - Move to Big East
KSU - Move to Big East
Mizzou - Move to Big East, SEC, or Big 10 (most likely one of the first 2)
ISU - No clue on this, could be Big East or Big 10
Baylor - Screwed in all scenarios