Today's announcement by the SEC that no action would be taken at this time concerning expansion and Texas A&M doesn't eliminate the possibility all together. Instead it could delay the action for some time until the proper sequence of events can be put in motion.
According to a report from Clay Travis, the SEC's Athletic Directors have a meeting scheduled for Wednesday which occurs after Texas A&M's Board of Regents meeting on Monday. The purpose of that meeting would be to empower the Aggie's school President with the power to make decisions concerning conference alignment.
Today's move by the SEC doesn't kill the thoughts of expansion it only sets them up to happen in its proper sequence. The Conference risks lawsuits from the Big 12 if it suspects that SEC recruited one of its member schools to leave. If Texas A&M were to announce its departure from the Big 12 before the SEC formally issues an invitation then there wouldn't be as big a threat of litigation.
It is also likely that the SEC would like some time to discuss a potential 14th member of the conference that would be needed if Texas A&M joined. This story isn't over by a long shot, instead it is just getting started.
For more on the SEC be sure and check out SB Nation's SEC blog Team Speed Kills.