The rumors have been swirling around Boulder for over a week, but now it's official. From a general e-mail sent out all CU students today "on Friday, June 11 at 11 a.m. MDT, the University of Colorado will hold a press conference to formally announce that CU will accept an invitation to join the Pac-10 Conference." If you want more on the athletics end of things, I recommend checking in with Dr. Saturday.
However this is more than simply an athletic move. Conference affiliation carries considerable weight in academic circles too and the Pac-10 schools are on average much better academically than the Big-12 schools (sorry Baylor) with which CU was previously affiliated. CU has been pushing upward in various rankings, both undergraduate and graduate, for the better part of the last 20 years. Here's to hoping this continues CU's rise to prominance.
And as a side benefit, perhaps I'll get to see Oregon or Oregon State play in the stadium I see out my window everyday, as shown in the helpfully annotated image below.