News reports are proliferating that Nebraska will join the Big10 Friday, meaning the Big12 is on ice. For that matter, so is the rest of college football as we know it. Here's ESPN, Chicago WGN/Tribune, Omaha World-Herald. The next big pieces of realignment are outlined here (nothing new, just that it's going to happen) LATimes (saith the Times's source: it's "locked and loaded"). Colorado apparently has already been invited, and has accepted. Here's the Pac10's press release saying as much.
What remains to be seen is how the pieces will fit together once reassembled. One thing's for sure: Baylor is being left out in the cold. Texas, Texas A&M, and Texas Tech are pledging solidarity among themselves as a trio, but not as a Bears-included quartet.