"According to sources, the University of Cincinnati and the University of Memphis will be announced as additions to the Big 12 after the completion of the NCAA Men’s Basketball Tournament. It is believed that the universities will begin competition in the Big 12 in July of 2017. No other details were available, but sources say the finances of the deal have already been agreed upon, while details regarding divisional alignment will be discussed between the current members later this week.

Big 12 expansion rumors started to circulate after both Baylor and TCU were left out of the inaugural College Football Playoff. Beginning next season, the Big 12 will be the only Football Bowl Subvdivision (FBS) conference to not host a conference championship game."

http://espn.go.com/college-football/story/_/id/12587930/cincinnati-and-memphis-to-big12-immenent