My google feed has this same story from a different source at least once a week. I will believe it when it is announced.
That said, I think it will happen eventually. The Little 12 seems more stable, which is bizarro indeed given that they just lost their best two teams and had to backfill with regional schools. The difference between the two conferences, however, is that The SEC and the Big 10 don't want any of the Big 12 schools that are left. They are all small turd schools. The Big 10 might be interested in more Pac 12 schools and can come and take them anytime it wants to. So, that creates the instability for the Pac 12 and so they can't get a new TV deal.
All this shit is dumb and I wish we could just all realignment over with now instead of this slow drip.
I think the Big 12 poaches Colorado, Utah, and the two Arizona schools. I don't see the Big 10 poaching anyone else in the near term. Does Oregon really add 100 million in value if they are added? I don't see it. You only cut up the pie if it adds more money.
Ultimately, I foresee the remainder of the Pac 12 eventually partnering with the ACC as two or three divisions of coastal schools that have a loose affiliation and a football championship game. It will be a third tier conference (because the SEC is going to poach Clemson and one of the Florida schools eventually)