College football's first super conference likely would generate a TV contract package that would pay each member school at least $20 million a year.
That would more than double the TV revenue earned by OU and OSU last season and put Pac-16 schools on par financially with the Big Ten and SEC.
Some reports have said Baylor is politicking to replace Colorado as the sixth school.
But Colorado's board of regents met Tuesday to discuss joining the Pac-10, and some reports have said the Pac-10 might invite Colorado independent of the other five, to give CU a jump ahead of Baylor.
The Big 12 schools apparently would have to pay a $10 million buyout to leave the conference, unless nine schools vote to dissolve the league.
Getting the votes could be tough, though, with Kansas, Kansas State, Iowa State and Baylor all expected to vote against dissolution. Missouri, which might not get an invite to the Big Ten, could join them as well.
Nebraska regents informally met Wednesday and agreed to leave for the Big Ten, according to orangebloods.com. An unnamed source close to the Nebraska program confirmed that to ESPN, which also reported athletic director Tom Osborne informed staff members the Cornhuskers were Big Ten-bound.
Fox Sports Ohio reported the Cornhuskers now have an official invitation to join the Big Ten, and a formal announcement from Nebraska is expected to be made Friday, at the latest.