We'll translate this for you in just a second, but for formality's sake:
The Big Ten Council of Presidents/Chancellors (COP/C) has asked the conference office to obtain, to the extent possible, information necessary to construct preliminary options and recommendations without engaging in formal discussions with leadership of other institutions. If and when such discussions become necessary the COP/C has instructed Commissioner James E. Delany to inform the Chair of the COP/C, Michigan State University President Lou Anna K. Simon, and then to notify the commissioner of the affected conference(s). Only after these notices have occurred will the Big Ten engage in formal expansion discussions with other institutions.
That's part of the Big Ten statement announcing that for the first time since the admission of Penn State in 1992, the Big Ten is looking to at least begin thinking about adding a team and expanding the eleven team conference to twelve teams. This would allow for a conference championship game and division play in football, which looms large, not just for the future of the conference's football fortunes, but for the greater possibility of college football's white whale, a plus-one playoff series.
Now just begin humming "Matchmaker, Matchmaker" to yourself and imagine conference commissioner Jim Delany casting flirty eyes around the dance floor. You're looking particularly attractive tonight, Notre Dame. (Even though we all know he's probably going to strike out and eventually go home with Pitt.)