http://kotaku.com/5420419/its-your-annual-black-mesa-update
you may laugh at my title, but the real joke is the Black Mesa mod team.

"... and you can expect a complete, polished game to hit your hard drives in the near future. We'll be sure and update if anything changes."
Well, you can't question their sense of self-irony.

I don't believe that Valve would want to just take it from them, I think it's more likely that Valve would just hire them and eat the project.

They may take the G-Mod route. Offer them free licenses to use the Source engine commercially with the condition that they sell BM over Steam (probably at a price of Valve's choosing with slightly more than the alleged 40% cut Valve already take).

I doubt it. There's just one man behind G-Mod so this makes things somewhat easier but the BM Dev Team counts 50+ people scattered all around the world. They always stated they would not charge for the mod and it's their work so they're free to do what they wish with it.
It's quite an achievement already they've gotten this far, any other less organised team would have already given up. No point to moan over it, it's being worked on by people who take pride in what they do during their free time. And it's free.

Gmod was free too, until Valve made a deal. And it'd be far easier to work out a licensing deal for commercial use of the Source engine than it would be to hire the whole team. Now while the BM mod team currently say the intend to offer the mod for free, there's still the very important matter of who actually owns the IP for the game -- which is Valve as the game is basically a direct carbon copy of Half-Life.
Still only time will tell. Perhaps we'll find out by 2020 =)

Ouch... that's quite harsh. I would be shocked if I were working on it. But I understand what you're trying to say.
Of course the IP and Engine lies in Valve's hands but not the work the team put into it. Still, I think it would be a nightmare to figure out a deal with Valve while so many people are involved.
I'm pretty sure Valve will offer it through STEAM just like several other popular mods for free ;)

Unforseen my ass! :D

How is that harsh and why would the devs be shocked? The stated goal of the mod is to re-create the original Half-Life using the source engine with the more modern, updated visuals that allows. They are creating a carbon copy of Half-Life, it is a colorized copy of the original, but a copy nonetheless.
I thought that was the KotOR mod, TSLRP.

I used the term "Unforeseen Consequences" because that is a title in a half life level.
hurrr hurr...

I think by the time Black Mesa comes out.... it's going to need a remake.

Interesting... It was only yesterday evening that I checked out the Black Mesa site, thinking "if they're serious about releasing in 2009, there ought to be an announcement right about now".

So they lied when they said it was done then? Well that's my interest in the mod dead then.
LOL