NU isn't staying. I put our odds around 85% to the Big 10, 14% to the Pac 10 and 1% to staying. I understand people are getting sentimental about the Big 8 schools and "tradition", but the Big 10 embarrasses the Big 10 with its academic prowess and tradition. If the Big 10 offers, NU needs to move and not look back. This is the same thing that any other Big 12 school would do if given the chance. This isn't about the past, or even the near future. This decision is worth literally billions of dollars over the next 50 years and is integral to the future of not only the university, but the state. Besides the athletic revenue improvements, NU would open the door to new research opportunities through the CIC which ultimately would create well paying jobs in Nebraska.
This decision, while nice for football, should be looked at from the future of the University and the state of Nebraska. If invited, Nebraska belongs in a group with some of the top institutions in the country academically, to go along with one of the best athletic departments in the country. When this is factored in, I hope that there is no decision except the obvious, move to the Big 10, thank the Big 8 and Big 12 for the memories and history over the past century and wish them the best of luck in whatever endeavors may follow for them.
And from the athletic standpoint, here's a post I made over on HI on why the Big 10 makes more money; and why a Big 12 network won't make up the difference even if Texas gave up on their network, which they won't. Even if they did, they wouldn't agree to revenue sharing, and would command 20-25% of revenue from one of those networks.
Population of the 11 Big 10 school states is 67.4 million, Living Alumni estimate of the Big 10 schools is somewhere in the 4.3 million range, median household income of the Big 10 schools is $51,600.
Population of the 12 Big 12 school states is 47.1 million (1/2 is in Texas), Living Alumni estimate of the Big 12 schools is somewhere around 2.5 million, median household income of the Big 12 schools is $48,750.
So the Big 10 schools have almost 50% more population, 70% more alumni of the schools and most importantly their states have collective household income of nearly a half a trillion more dollars every year. That means over the course of the next 10 years, the Big 10 Network would fight for 5 trillion more dollars of household income than the Big 12. And to make the Big 12 look even worse, over half of household incomes come from Texas and 13% from Colorado (61K a year average, 3rd highest population). The Big 12 is in deep, deep trouble, WHEN Texas and Texas A&M finds greener pastures (PAC 10 or SEC) there will simply be no money left to fund the original Big 8 schools, especially if they take OU, OSU or Colorado with them. Then Nebraska could find their selves scrambling and staring down the barrel of either the MWC or a reformed Conference USA.