The Big 12 board of directors has agreed to share most of the conference's revenues among member schools.
All that remains is for each of the nine institutions to formally agree to turn over their revenues to the league for six years. If all agree, the schools will be bound by contract for the next six years. Missouri, whose board of curators meets at noon today in St. Louis, is the only holdout.
The revenues, which include football television rights, men's basketball television rights, and the men's basketball NCAA Tournament revenue, would be shared evenly among the members. Revenues from a school's own television network, such as Texas' Longhorn Network, will not be shared.
Big 12 interim Commissioner Chuck Neinas said the league's expansion committee will start to meet this week, but he declined to say how quickly it will act.
"We have been encouraged by the amount of interest that has been generated of other institutions," he said.
He declined to name any schools. TCU, which has been rumored to be on the Big 12's expansion radar, appears confident in the fate of the Big East, which it is scheduled to join in July.
But nothing can resolve the Big 12's realignment issues until Missouri announces its intentions. Neinas called Sunday's board agreement a "positive sign for Missouri and they'll consider what we're doing."
"They have to look what not only is in the future best interest of the University of Missouri, but also the state of Missouri."
Neinas pointed to the long-running rivalry game with Kansas, which dates to 1893, and the potential traveling inconvenience if Missouri moves to the SEC.
"How many people will be able to afford to travel to Gainesville, Fla., or to Columbia, S.C., or Tuscaloosa, Ala.?" he asked. "John Q. Fan can get in the car and drive to Big 12 games. Besides, Missouri is Midwestern, not southern."