I don't want to assume everyone has heard or read the news, so here's a quick recap:As one analyst put it, via Bloomberg: "AT&T is going to actively get out of the U-verse business."If you're a U-verse subscriber who watches the Pac-12 Networks – count me in that group – then the development is cause for, if not concern, then at least curiosity.If you have a vested interest in the future success of the Pac12Nets — everyone at the conference office and on the campuses — then the development is also cause for, if not concern, then at least curiosity.I've attempted to gain some clarity on the situation. Not surprisingly, there's a considerable amount of nuance.We'll start with the bottom line: The situation isn't awful for the Pac-12 in the near term, but it's not good.Not. Good. At. All.