After a frenzied weekend of dealmaking and speculation, Texas announced that it had no plans to leave the Big 12 Conference in order to join the Pacific-10 Conference. The announcement, which contradicts earlier reports, will likely preclude any movement from the other Big 12 schools targeted by the Pac-10–Oklahoma, Oklahoma State, Texas Tech and Texas A&M.

Late last week, the conference did add Colorado from the Big 12. The Buffaloes will begin playing in the conference in all sports in 2012. The expansion is the conference’s first since 1978, when it added Arizona and Arizona State.

Pac-10 commissioner Larry Scott still has full authority from current Pac-10 members, including Stanford, to pursue expansion opportunities. While no announcements have been issued by the conference since the addition of Colorado, Scott is thought to be looking into adding a team from the Mountain West Conference or the Western Athletic Conference. Possible candidates include Brigham Young and Utah.

Adding a 12th team would both preserve the symmetry of the conference and allow it to stage a championship game in football. That move could lead to significantly more revenue for each school in the Pac-10. Last year, members reportedly each earned between $8 and $10 million from the conference’s television and bowl agreements.

It remains to be seen exactly how adding Colorado and a possible 12th member would impact Stanford, from competitive and revenue standpoints. At the very least, Stanford will no longer have to face a reality where it would have to play powerhouses like Texas and Oklahoma in football during its regular season, as well as in a proposed championship game.