No way Bowlsby sends that letter unless 1) he has all 8 University Presidents' support and 2) he already has another network not named ESPN backing him up.
Pulling out info from that: it seems the Big 12 (8) is going to stay together and expand with another media partner. My guess would be that this is Fox.
Here is the article:
I have to say that I love the fight in the Big 12 right now. If it was really Texas that was preventing expansion in 2016 and controlling it in 2011, then good bye. If true, that puts the Big 12 and the Big 12 leadership in a much better light.