According to Brett McMurphy of CBS Sports, the SMU Mustangs will be joining the Big East conference starting in 2013. The Mustangs would join San Diego State, Houston, UCF and Boise State as new members to the BCS conference. via Brett McMurphy's twitter page.
The Big East has been torn apart by the decisions of Pittsburgh and Syracuse to join the ACC conference and West Virginia to join the Big 12. Add TCU's decision to back out of their commitment to the Big East and instead join the Big 12, and you have the reason for the Big East to not just add a couple of schools, but to add five for the 2013 athletic seasons.
SMU gets the benefit of joining a BCS conference that should help their school with not just money, but with recruiting for their sports as well. It's a great day for those five schools and for the Big East conference as a whole.