At least for now that rumor is not true. Some steam was gained, when Fresno State Athletic Director Thomas Boeh appeared on 1430 ESPN Radio in Fresno, Calif. and said that Fresno State and Nevada would join the Mountain West in 2011 in all sports except for football, and the two schools would pay only a $1 million penalty for doing so.
Apparently, this is not true and Dan Hinxman who covers the Nevada Wolfpack from the Reno-Gazette Journal sent out this tweet denying that any deal was struck.
#RGJpack: Source says rumors about WAC resolution (Nevada, Fresno football stay til 2012; other sports leave next year) is not true.
Dan Hinxman
danhinxmanRGJ
UPDATE: Here is the audio from ESPN 1430 it is only 90 seconds and the host, Paul Swearengin. It sounds like the proposal is what may happen in tomorrow's meeting. Apparently, Swearengin will be back on ESPN 1430 at 4 p.m. pacific time to clarify his statements. Here is the link to listen live.