Panic! at the Disco survivors Brendon Urie and Spencer Smith are anything but panicking as they prepare for life after a schism that cut the band in half.

The two severed ties amicably in July with guitarist Ryan Ross and bassist Jon Walker, who have started a new group called the Young Veins. "Luckily it didn't end badly," frontman Urie tells Billboard.com. "We all understand we wanted to do different things and were just pulling each other's strings in different directions. I think we were very fortunate that we're all still very good friends and were able to come to this amicable agreement."

Now Urie and drummer Smith, currently finishing up a run opening for blink-182 with some hired hands, are plotting their next move. They do have a new single out, a song called "New Perspective" -- which Urie wrote about nine months ago after waking from "an intense, really lucid dream" -- that was recorded for the soundtrack to the film "Jennifer's Body."

Urie says he and Smith have about 10 other songs demoed and ready to consider for Panic!'s third album. "Some stuff sounds like Frank Sinatra," Urie reports, "and some stuff sounds...kind of like the Who and some stuff is just rock, and it's a lot of fun to play. We really want to spend a lot of time writing and just messing around with ideas in the studio." They'd like to record the album this fall and have it out "by the beginning of next year, February or something." blink bassist Mark Hoppus has agreed to produce at least one track, and others will be considered once Urie and Smith feel they have enough material ready.

"There's always a bit of nerves that come with expectations and new situations," Urie says. "But, really, Spencer and I are just trying to get back to where we used to be, and we're looking forward to doing more tours and writing new songs and meeting new people and having all these new experiences.

"The future should be exciting, you know? It shouldn't be a nerve-wracking experience."