No, the TV contract NASCAR has is locked in until 2015. (A contract for 2016 should be announced in 2013 or so) FOX actually produces 16 Cup Series races per season, one exhibition race on FOX, 2 qualifying races on SPEED, the 12 points paying FOX races, and the All Star Race on SPEED. FOX also airs 2 (I think) Camping World Truck races a year, and ABC airs (last year it was 4) Nationwide series races a year.
I saw the promo too about "returing to their roots." I'm assuming that means that they have listened to the outcry from fans to make TV coverage better, as well as NASCAR improving on track action. The biggest complaint has been NASCAR on FOX's mascot "Digger," that has annoyed fans since his creation. NoF head commentator Mike Joy said in a recent radio interview that Digger would likely vanish this season, and the coverage would get more serious. Not to mention that NASCAR has an announcement coming up this week, during which they should announce the removal of several rules that were conceived for safety, (yellow line rule, no pass zones, etc) as well as removing the contrversial rear decklid wing sometime in March.
As far as the ESPN deal goes, NASCAR let them do that, (after a LONG approval process, I'm sure) obviously due to ABC Sports and ESPN being virtually the same thing. If they were still two different networks, I'm sure there would have to be a lot of $ involved.