OK this is what I got from ESPN:
The Big 12's presidents pledged to grant their television rights to the conference for six years, Oklahoma president David Boren said at a news conference on Thursday.
No contracts had been signed yet in part because some schools must get the approval of their governing boards, league spokesman Bob Burda said.
And this:
The Big 12's presidents unanimously agreed to give the conference their media rights, though Texas AD DeLoss Dodds expressed reservation about doing so in a meeting with local media in Austin on Wednesday.
I guess things are still up in the air.