Apparently the Big 12 Conference still has some pulse.
According to Orangebloods.com's Chip Brown, Texas has decided to stay in what many people thought to be a ruined Big 12 Conference.
The new Big 12 as of now will only be 10 team conference as a result of Colorado joining the Pac-10, and Nebraska becoming the newest member of the Big 10 Conference.
The only possibility that the Big 12 would still be a legitimate conference would be Texas deciding to stay put.
Of course this move keeps the chance to still have an automatic qualifying bid, and with a clear cut elite team in the revamped conference, chances are the new Big 12 would still possess the bid when the conference shifting frenzy is completed.
Overall, this was a good business move by Texas as they will still be the elite team in the Big 12 will gain extra money and quite possibly more prestige because the conference was offering individual television networks for all teams that would remain in/join the conference.
So the Big 12 came back from what the majority felt was certain death, and still could survive in college football as a legitimate ten team conference.