It's not a huge surprise, and they're not just rumors -- CBS and Yahoo both reported that UConn made a formal presentation to the Big 12's commissioner last week, and that the commissioner shared his findings with the league presidents on Monday.
They need "yes" votes from 12 of 16 members to invite UConn to join the league. CBS verified that six Big 12 schools are in favor of adding them. Two are against, meaning only three more "no" votes (of the eight undecided schools) would scuttle the move. And with no formal vote taking place -- and with none scheduled -- it doesn't take much to imagine which way the wind is blowing.
https://www.cbssports.com/college-footb ... -decision/It's also reported FOX is against the move, and would refuse to add $$ to their Big 12 contract -- meaning everyone else takes a smaller cut if UConn joins. ESPN is reportedly in favor (shocker) but would have to pony up roughly $40m on their own to cover UConn's addition since FOX isn't interested.
UConn would owe the Big East $15m in exit fees AND walk away from the substantial NCAA Tournament payouts that their last two titles generated; assuming ESPN isn't interested in paying $40m to add one school for hoops only, it makes no financial sense for them to move at the moment. But I'd bet by the end of the decade that calculus changes -- the Big 12's deal is up in 2031. If UConn is still in the Big East in 2032 I'll be mildly surprised.
Either way, the Big East will continue to be great, just like it was before UConn came back.