"The SEC Presidents and Chancellors met today and reaffirmed our satisfaction with the present 12 institutional alignment. We recognize, however, that future conditions may make it advantageous to expand the number of institutions in the league. We discussed criteria and process associated with expansion. No action was taken with respect to any institution including Texas A&M."
It would appear then, that Texas A&M was not as big a fish as many had thought. The SEC opted not to expand at this time, despite the proclamations of various Texas A&M sources like AggieYell.com.
As much of a "done deal," as a move may have been for the Aggies, the SEC wasn't prepared to go ahead with adding a 13th and 14th school at this juncture, a move that would require a large influx of additional shared revenue in order to be economically feasible.
The Aggies are unlikely to be pleased with this news, and may still look for an avenue to get out of the Big XII, but unless another major conference with megabucks (meaning a conference other than the Big East) decides to expand beyond 12 members, it seems unlikely that the Texas school is going anywhere at the moment.
Then again, the statement hardly closes out the possibility of future expansion. That has lead some to believe that perhaps it isn't all over for TAMU.
Some writers have suggested that A&M's invite may just be "tabled" until the SEC can line up an acceptable 14th member. Another blogger has suggested that the SEC is waiting for Texas A&M to formally "apply" for membership; a move that might help them to escape liability in lawsuits that could crop up as the result of a raid. If that is true, we will likely hear more chatter about SEC discussions with other potential members soon.
My take? Sixteen-team "megaconferences" are a scenario created by media pundits rather than conference or school administrators. It isn't an impossible scenario, but until the economics of college sports change, it is a somewhat unlikely one.
TAMU may yet move to the SEC, but if they do, I wouldn't expect the Big Ten or Pac-12 to rush to add members to "keep up with the Joneses." There just aren't enough quality programs out there that add the kind of value they would need.
UPDATE: If you really want your head to spin though, check out Clay Travis' analysis of the situation.