The death of the Big 12 appears imminent according to the latest reports.
SBN's Nebraska blog, Corn Nation, has that school's potential move to the Big Ten covered. The Huskers still haven't been formally invited to the Big Ten, but the announcement that they're leaving the Big 12 could come as early as Friday.
Initial reports are the Big Ten will expand in stages, with the addition of Nebraska as its 12th team being the first move. It could eventually go to 14 or 16 teams later on in the process.
The expansion of the Pac 10 to 16 teams may be more dramatic and Colorado blog Ralphie Report has the latest on that. Colorado appears to be a lock with five more teams from the Big 12 South as a possibility to fill the rest of the slots.
Actual news appears to be right around the corner.