The move is consistent with the original exit strategy Colorado officials outlined in June. However, in the months since then, CU decided that it would join Nebraska — bound for the Big Ten — in leaving the Big 12 after the 2010-11 school year.

Tuesday, CU athletic department officials told the Daily Camera that they were back to square one and that CU likely would be in the Big 12 through 2011-12.

“That is our plan and that is what we are working on,” CU athletic director Mike Bohn told the Camera on Tuesday.

The reason behind all of this? Money. It has been reported frequently since Nebraska and Colorado decided to bolt the Big 12 this summer that the Buffs were in serious financial debt. Leaving the Big 12 early would not help things since the league’s departure penalty, which was mapped out by the Big 12 bylaws, would include up to 80 percent of CU’s conference earnings during the next year.

The Pac-10 reportedly has agreed to help CU with some of the cost to switch leagues, but the Camera reported Tuesday that millions can be saved by simply remaining in the Big 12 an extra year. The report said Colorado officials have estimated they could forfeit between $9 and $14.5 million in conference distributions.

Another indication that Colorado is struggling financially is Tuesday’s announcement of a non-conference football game, scheduled for Sept. 24, 2011, that takes the Buffs to perennial power Ohio State.

The Camera reported Tuesday that CU will earn $1.4 million for the trip to Columbus, Ohio, as well as additional compensation from the Big 12’s revenue distribution plan because the game will be broadcast nationally on ESPN.

Colorado originally was scheduled to play Fresno State that weekend but that game has been backed up a couple of weeks, meaning CU will play a 13-game schedule in 2011.