The Big 12 and Pac-12 conferences have spent the last two weeks discussing a potential partnership. However, an update received on Monday night seems to have ended any hopes for such a partnership.

ESPN reports that the two conferences will not partner up. They add partnership discussions are now over with.

These talks began after USC and UCLA announced their intentions to join the Big 10 conference in the near future. The programs reportedly approached the Big 10 about the move.

A Big 12 source told ESPN that a “multitude of reasons” led to the conference not taking the deal. Among those reasons seemed to deal with a lack of sufficient revenue for the conference.

However, a Pac-12 source told ESPN the Big 12 was interested in a full merger between the two conferences. From a value standpoint, the merger did make sense, according to ESPN's Big 12 source. The conference examined their options, and afterward, the Big 12 decided not to go through with it.

ESPN's Pac-12 source said a full merger wasn't in the best interest of their conference.

“Because the Big 12 media rights can't be negotiated until 2024, Pac-12 schools have no motivation to join the Big 12,” the source told ESPN. “The Pac-12 has announced that they're staying together and are in the middle of media rights negotiations.”

The departures of USC and UCLA have undoubtedly thrown the Pac-12 conference into a chaotic state. 3on3 Sports reported that a number of Pac-12 schools called the Big 10 about potentially joining USC and UCLA.

The idea of a super-conference or two forming in college football undeniably seems to be closer to reality. The SEC will add Oklahoma and Texas in 2025. However, the conference claims they aren't in a rush to expand.

“There's no sense of urgency, no sense of panic,” SEC commissioner Greg Sankey told reporters at the College Football Hall of Fame. “We're not just shooting for a number of affiliations that make us better. Could they be out there? I would never say they're not. I would never say that we will. We're going to be evaluating the landscape.”