Since none of us are privy to as much information as Gene Smith you have to assume that what he says is pretty much the status. His remarks indicate the door is open for schools to approach the Big Ten, which by prior account upward of 14 schools indicated an interest. Source of this was the Illinois AD. We are still 15 months away from the official end of the expansion study the Big Ten regularly does every so many years.
The Nebraska admittance was rushed, but it must have been a somewhat pre-calculated risk that it would work. Some of the other schools that are interested may be working on addressing concerns expressed by current members. I think that may be the case with Missouri. That could be the same for a school like Rutgers or Pittsburgh.
I would venture that as December 2011 nears we will hear rumors. I don't expect Notre Dame will jump to any conclusion until after two years of Brian Kelly being on the job. I think Jack Swarbick is giving Kelly a couple years to evaluate life outside a conference. Lou Holtz, like him or not, indicates ND should entertain joining. He was the last ND coach to win a national championship. The coaches since Lou may be telling Swarbick the same thing. Bob Davie, who does broadcast, seems like an astute person. I sense he feels that ND should be evaluating its independence.