From Larry Scott (via Jon Wilner):

"After careful review we have determined that it is in the best interests of our member institutions, student-athletes and fans to remain a 12-team conference. While we have great respect for all of the institutions that have contacted us, and certain expansion proposals were financially attractive, we have a strong conference structure and culture of equality that we are committed to preserve. With new landmark TV agreements and plans to launch our innovative television networks, we are going to focus solely on these great assets, our strong heritage and the bright future in front of us."

I'm sure this could all change in a heartbeat should conditions become right but, for now, it looks like expandageddon is getting a reprieve--at least for the time being.