The Big 12 will withhold a portion of Baylor's future revenue until the conference is assured changes to institutional controls are in place.
The Big 12 will stand pat with its one-division model with the top two teams advancing to the championship game, despite coaches voting in favor of two divisions.
Oklahoma and Texas Tech shattered the FBS record for combined yards in a game with 1,708 on Saturday, just one of several records to fall on the night.
The Big 12 announced its decision not to expand was unanimous, but sources told ESPN some schools agreed to go along when it became clear the conference wouldn't reach a supermajority to expand.
The Big 12 could not reach consensus on possible expansion candidates and will remain at 10 schools for now.
Texas president Greg Fenves posted a message of support Wednesday for coach Charlie Strong, who once again finds himself battling hot seat rumors after the Longhorns dropped to 2-2 on the season.
