In one of the most welcome bits of news for Texas basketball fans in quite some time, heralded freshman PG Myck Kabongo has decided to stay in school and forgo the NBA Draft, despite rumors that he would be a late first-round pick:

Texas freshman Myck Kabongo will return to Texas next season.

— Jeff Goodman (@GoodmanCBS) March 26, 2012

While his statistics (10 points and 5 assists on 39% shooting) don't jump off the page, he flashed the type of all-around talent that could make him a lottery pick with further seasoning.

And with J'Covan Brown headed to the NBA, Kabongo will be given the reigns to the Texas team next season.

Not only is he one of the fastest players in college basketball at 6'1 170, he also has excellent floor vision and a decent outside jumper. If he can improve his offensive efficiency, he should rocket up draft boards next season and become the best all-around Texas basketball player since DJ Augustin.

In Augustin's sophomore season in 2008, the former McDonald's All-American developed into a top NBA prospect while leading the Longhorns to the Elite Eight.

Don't be surprised if Kabongo replicates that performance in 2012.

For all the latest off-season rumors and analysis on Texas basketball, check out SB Nation Dallas' exclusive storystream, and for more coverage of Texas athletics and all that it implies, head over to Burnt Orange Nation and Barking Carnival.