Indications of interest>>business negotiations>>letter of intent/term sheet>>detailed business/legal negotiations>>execution of agreement.

I get the sense that the Big 12 has the term sheets for multiple schools in hand and is in the process of detailed negotiations. Sometimes in an M&A auction process, the seller will go negotiate a final agreement with multiple parties before evaluating the candidates side-by-side. It’s a pain but a good way to maintain leverage and perspective. I wouldn’t be surprised if this is the route the Big 12 is taking--have 3 or 4 schools negotiate final agreements before making a decision.