Texas A&M just put out the following release:
TEXAS A&M TO SEEK AFFILIATION WITH ANOTHER ATHLETIC CONFERENCE
NEWS RELEASE - August 31, 2011
COLLEGE STATION, Texas – Texas A&M University today officially notified the Big 12 Conference that the institution will submit an application to join another athletic conference. Should this application be accepted, Texas A&M will end its membership in the Big 12 Conference effective June 30, 2012.
There was plenty more thereafter; but that's what you need to know.