As the Big 12 looks to react and adjust to the pending departures of Texas and Oklahoma, a report has surfaced that Bob Bowlsby, the Big 12 commissioner, and Pac-12 commissioner George Kliavkoff are meeting today.

At issue is the possibility of a scheduling alliance, merger or other options for their conferences to strategically work together, according to Max Olson of The Athletic.

During a hearing at the Texas state legislature on Monday, Bowlsby said he supported the idea of the remaining Big 12 teams sticking together and said they are exploring their options. He said he wouldn’t blame any school for looking out for themselves first, but “there is a right way to do it.”

At that meeting, Bowslby also said that a potential merger with another conference as one of the possibilities the Big 12 will consider, however, “We believe the eight of us staying together is the best approach in the near term.”

However it plays out, financial changes are likely coming soon to the Big 12. Bowlsby estimated on Monday that the remaining eight Big 12 schools could lose $14 million per year in TV revenue upon Oklahoma and Texas’ departure. Bowlsby added that Big 12 distributes roughly $28 million in TV money per school.