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The New Big 12 is like the old Big East football conference after Miami and Virginia Tech left. The old BE was a legacy BCS conference and remained so in name only when the top 2 schools left. Nobody really thought BE schools were contenders for the BCS championship, although WVU made a run one year. And, the new BE was a pretty good football conference, but nobody cared about that. The Alliance left out the Big 12, so you can see how the other autonomous conferences feel about the Big 12.The Big 12 is at worst the 3rd best football league and ranks as the #1 basketball conference.
There is no process to take away their autonomy designation. It's foolishness to think they'll lose status with those metrics.
This is year 8 of the College Football Playoff and none of the future Big 12 teams have made the playoffs. And, the records of the new Big 12 additions will be negatively impacted by playing each other so those schools will have more losses.
Finally, the main reason to be in a P5 conference is money and the Big 12 will be by far the lowest payout conference. And, every one of the schools want to get out of the conference as soon as possible just like the old Big East (and the AAC).