I emailed my advisor and he makes it seem as though many in this situation opt to apply to the PhD program after 1 year and that the transition is very smooth. He also explained that the funding opportunities include full tuition remission and a large stipend, so they've got me hooked if they'll give me that with a Master's admission. Your move, everywhere else I applied.
Ok, so I just got admitted to Tulsa's IO (Industrial-Organizational) Grad program but the letter said I had not been admitted to the PhD program at this time, but I had been admitted to the Master's. I only applied to the PhD program, is it common practice for programs to want you enough to admit you to the master's program and not the PhD or am I panicking?