Where does CBS go now for bloody noses?

The writing on the wall seemed pretty evident recently, and Monday, the news came down that was kind of expected: The L.A.-based ProElite Inc. ran out of cash.
The story on SI.com (linked here) notes that through its partnership with Showtime and later CBS, which in 2008 agreed to broadcast four live EliteXC events in primetime, EliteXC gained a tremendous amount of visibility. The company, however, hemorrhaged tens of millions of dollars during its 22 months in operation.
So what happens next with the CBS MMA Saturday night brawls? No one's saying yet.

UPDATED Tuesday morning:
Among the postings that the Sports Business Daily found in reaction to this:
==Sherdog.com's Loretta Hunt reported a notice posted last night on graciefighter.com read: "We are confirming that EliteXC has folded." ProElite has "accrued $55 (million) deficit during its two years of operation," but discussions of the company's purchase "were said to have gone well and a deal looked imminent as of two weeks ago when EliteXC held its third installment" of "EliteXC Saturday Night Fights." But "negative press surrounding questionable conduct" before the October 4 Seth Petruzelli-Kimbo Slice main event, which included allegations that EliteXC promoters told Petruzelli how to fight Slice, has "overshadowed the ratings success.
==The Baltimore Sun's Mark Chalifoux: "It seems as if EXC really was as flimsy as Kimbo Slice's chin."
==SportingNews.com's Chris Littmann: "What an absolute, raging failure by CBS, too. ProElite was run by a bunch of dopes; that's pretty obvious. But what was CBS thinking getting into bed with them?"