Didn't see this posted.
Yes, I am referencing a message board post from the NW Rivals site. Hence the RUMOR in the title, but this guy seems at least a little bit more credible than a random troll.
The gist of the article:
Earlier this evening, Notre Dame and Texas jointly presented the Big Ten Conference with their proposed terms of entry into the conference. These terms resulted from lengthy discussions among both schools and the Big Ten over the past several months.