OU announced Monday evening that it will stay in the Big 12 Conference.

The decision to commit to the conference resulted in a joint effort from the other Big 12 universities, OU President David Boren and Athletics Director Joe Castiglione said in a statement.

“We value the strong working relationship that has been reaffirmed during this process among the conference members. We intend to work very hard to make the conference as lasting and dynamic as possible," Boren and Castiglione said.

The Board of Regents meeting scheduled for Wednesday has been canceled.

Oklahoma State, Texas and Texas A&M also announced Monday that they plan on remaining as members of the Big 12 Conference. Texas officials will hold a press conference at 11 a.m. Tuesday.

Pac-10 commissioner Larry Scott said Texas President Bill Powers informed him the Longhorns will stay with the Big 12.

"We have not received definitive details about this decision," Scott said. "It is our understanding that Texas was going to meet the terms that we have proposed."

According to orangebloods.com, the Longhorns meet with the remaining Big 12 members to discuss a proposed new TV deal and gauge everyone's interest in keeping the league together. OU had said it intended to remain conference partners with Texas.

Athletic Director Joe Castiglione recently told the Tulsa World that the Sooners will stick with Texas wherever the Longhorns go because of the long history between the two universities.

"I think it would be a horrendous decision for OU and Texas to break up," Castiglione said. "We're going to stick together if it's at all possible."

Castiglione seems committed to this mindset, Associate Athletics Director Kenny Mossman told The Daily this morning.

"As far as I know, he has not said anything to the contrary," Mossman said by e-mail.

Beebe was able to assure Texas officials that a TV deal with Fox Sports would be able to pay the remaining Big 12 members between $14 million and $17 million, which would more than double the income for many of the league's members. OU earned a little more than $9 million in 2007, the last year revenues were made public.

Under Beebe's plans, school also would be able to establish their own networks — something OU and Texas have each discussed. In the Pac-10, this would not be an option as the conference is planning to launch its own network in 2012.

During the weekend, the Pac-10 extended invitations to join its league to OU, Oklahoma State, Texas, Texas Tech and Texas A&M. Colorado accepted an invitation to the Pac-10 on June 10 and Nebraska announced June 11 that it was leaving for the Big Ten, leaving the Big 12 with 10 schools.

Beebe's proposal

Orangebloods.com is reporting that Beebe has offered the following plan to OU, OSU, Texas, Texas Tech and Texas A&M:

• After the conference's next TV negotiations, which are set for 2011, revenues per school would be about $14 million to $17 million beginning in 2012, which is what the SEC pays out.

• The 10 remaining Big 12 schools would divide up the more than $20 million in buyout penalties that will have to be paid by Colorado and Nebraska for breaking their contract with the league.

• Schools would be allowed to pursue their own networks. OU and Texas have each examined the possibility, which would not be available in the Pac-10.

• The Big 12 would exist with 10 teams. Everyone would play everyone in football, providing a nine-game conference schedule.

• The conference championship game would be done away with for now since the NCAA requires conferences to have 12 schools to hold a football title game.