Yeah, but how firm is their Friday deadline? I mean if this thing gets drawn out by the Texas legislators, I'm pretty sure the Pac-10 will wait.
The Pac-10 deadline is only important as it relates to the Wednesday hearing. It doesn't matter when the Pac-10 deadline is, as long as it is after Wednesday.
1- What is the preferred outcome of the legislature? Probably keeping the Big 12 together. Right now, Texas (the Republic of) has a conference of its own, in its own state, with headquarters in Dallas. What do you expect the legislature to say? "Yeah, uh, even though you guys have been saying you want to keep the conference together, we don't agree. We should just break up this conference that is really, really good for Texas (the Republic of) and you should all go your separate ways." No.
2- The longer this gets drawn out, the better it looks for keeping the conference together. Still only looking at about 20%-30% chance right now though.
3- We have been hearing from the South schools that they "prefer to keep the conference together." The legislature may not have any official authority over that, but they are in a great position to apply political pressure. If the choice is anywhere close to 50/50, it may swing the schools toward staying.
4- It's funny how college football is the one issue where the federal government doesn't give a sh$t, but the Texas legislature is more than happy to jump in.