Texas and Oklahoma are making formal plans to notify the Big 12 Conference that it will not renew its contract when the league's grant of rights expire in 2025, according to multiple reports. The news was first reported by 247Sports. 

The formal notification will allow the SEC to officially begin deliberations on whether to add the longtime national powers as member institutions. Simply leaving the Big 12 does not implicitly mean that Texas and Oklahoma have cemented their spots in the SEC. Both will evaluate all their options, though momentum for a move to the SEC is rapidly increasing. 

While Texas and Oklahoma might formally notify the league that they will not return, the grant of rights means that the two schools are still locked in until 2025. Multiple sources are reporting that both schools are satisfied to wait out the contract, though the news becoming public has sped up the process. 

The remaining eight Big 12 institutions met on Thursday night to discuss contingency plans. At this point, the eight schools plan to move forward together, but all will certainly look into whether other major conferences would be interested. 

"The eight members strongly desire to retain the current composition, which has proven it can compete at the highest levels," the Big 12 wrote in a statement.