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AUSTIN, Texas (AP) -- Staring at extinction, the Big 12 is once again in play.

The beleaguered conference made a rousing comeback Monday when Texas declined an invitation to join the Pac-10 and decided to stay in the Big 12.

Oklahoma, Oklahoma State and Texas A&M quickly followed the Longhorns by recommitting to the conference. That came after commissioner Dan Beebe persuaded members that they'd make more money in television and media deals in a 10-team Big 12 then in a 16-team Pac-10.

A person with direct knowledge of discussions among the Big 12's remaining members tells The Associated Press that Texas is clear to set up its own TV network and keep all proceeds in exchange for remaining in the Big 12.

Last year, Big 12 schools divided between $7 million and $10 million each, depending on how many appearances they made on regional and national TV. At Big 12 meetings earlier this month, Beebe said he expected huge increases in rights fees from both Fox and ESPN.

The more lucrative contract with ESPN runs through the 2015-16 academic year, while the Fox deal is reportedly in its final two years.

(Copyright 2010 by The Associated Press. All Rights Reserved.)