I didn't see this mentioned on here yet but I consider this big news. The commissioners and ADs from the Pac 10 and Big 12 have been meeting this week to discuss a marketing alliance with future implications. The Dallas Morning Star did a write up on it yesterday and I heard it being discussed on 570 AM today:

For two days in Phoenix this week, Big 12 commissioner Dan Beebe and many of his athletic directors exchanged ideas with Pac-10 commissioner Larry Scott and his ADs.

Expect more discussions going forward on a mutually beneficial alliance/partnership.

...

We know the Big 12's power players. What about the Pac-10?

The two Los Angeles schools have special cache, led by Southern California and its football dominance.

The Trojans provide guaranteed sellouts throughout the conference. UCLA brings its basketball tradition. Plus, every Pac-10 school targets the L.A. market for recruiting, just like Big 12 schools covet Texas talent.

The story continues to explain the short term results of the meetings will result in a marketing alliance and perhaps a combined Pac-10/Big12 Network; similar to the Big Ten.

Could a Pac-10/Big 12 alliance develop into something more?

No, for now.

Beebe was clear about the subject. "There's no desire to merge the two," he said Thursday.

But if the Big Ten decides to add five new members and become a 16-team mega-conference, every BCS league and college may have to rethink its situation.

If the Pac 10 were to merge with any conference the Big 12 might be the best option. They're closer than the Big Ten and more powerful than the MWAC, WAC and Big West. Should Notre Dame join the Big Ten, I imagine the Rose Bowl would triple in value.