UT has confirmed that there is a press conference this afternoon, according to the Statesman's Bevo Beat.
Speculation is pointless at this point. We'll know in a bit.
FYI: I was at the press conference in 1997 when Ricky Williams announced he was staying for his senior year. Everyone was reporting he was leaving, and they were wrong.
UPDATE: News 8 Austin is reporting the press conference is at 3 p.m. central and they're carrying it live.
UPDATE 2: Live stream now at WFAA.com.