I don't buy it.
First of all, there is NO WAY they would make a decision this quickly. They said 18 months and I believe them.
Secondly, for as much big $$$ that joining the Big Ten would give Pitt for joining, the Big Ten would gain little in return. Penn St. already dominates Pennsylvania and its TV sets. Pitt has a small fan base when compared to other Big Ten schools.
I honestly don't think the Big Ten is going to just add any team (unless it is Notre Dame or Texas) just to get to 12 to get a championship game. Yes, that brings more money and exposure, but not enough to balance out the BIG money and great exposure a team like Pitt would get in return. Adding Pitt alone would be just adding any team simply to get to 12. Not gonna happen.
If they are going to add 3 teams to get to 14, THEN I can see Pitt making sense. They have salty teams and it is a good school. Otherwise there are other schools that make so much more sense if we are only going to 12: Texas, Missouri, Notre Dame, Nebraska, Rutgers, UConn. If Pitt was coming in alone it would say to me that all of these other teams had turned us down, and I don't see that happening. As I said before, I think Texas and Notre Dame would be they only teams that would get an invitation if only one were being offered.
As with most unsubstantiated internet rumors, I will believe it when I see it come true.