The Big 12 (Little 12) was saved by the greed of the University of Texas Longhorns.
According to Pete Thamel of the New York Times via twitter, “Source confirms that Texas asked to be able to keep own local TV and wanted ‘extra sweetner’ financially from revenue sharing at 11th hour.” And this via twitter, “Sorry if unclear. Texas made those demands to the Pac-10 at 11th hour, ending the talks. Hence, Texas greed keeps B12 alive. How quaint.”