The Big-12 doesn't have much in the way of options, its either stay put or raid the Big East.
We know those who play fantasy league think a Big-12/Big East merger is inevitable. Otherwise the cannibalization will continue
Texas
Texas Tech
TCU
Oklahoma
Oklahoma State
Missouri or Kansas or Cincy depending on who else the SEC takes and the Kansas/Kansas State lockup
and'
VVU
Pitt
SU
LU
RU
UConn
Leaving Kansas State, Idaho State, USF, and Cincy high and dry
Basketball would include St John's, Nova, Notre Dame. and Georgetown.
leaving PC, Depaul, Marquette, and Seton Hall high and dry.
Part of the problem in Providence: The Big East represents all the teams and officials want to preserve their jobs. The Big-12 has the same conflcit-of-interest between the league and the teams. It's much like union politics between bargaining units.
Putting the logical best 12 teams (for TV sets) together won't happen for that reason. The other reason: BCS money. Such an arrangement would cost the teams BCS money. They'd only get 1 seat at the table guaranteed split 1/12 rather than 1/9.
The Big East isn't the weaker player in this but they could be. If ESPN throws a small buckets of money at the Big-12 to go to 12 teams (and the SEC goes to 14) it may be cheaper for ESPN to do exactly that.
If ESPN throw another $30 million a year at the Big-12 plus a championship game to add 3 teams, between that $30 million and TAMU exit fees and 'transition to full share' agreements it woulodn't cost much more than that.
What remains of the BE if the 4 most marketable football teams are lost in tne ensuing shuffle? The remainders will settle for chicken feed. What's not mentioned is the Big-12 going to 14 teams (losing 6 teams in conference shuffle) which also dooms the BE as we know it.
As easy argument could be made that UConn is not one of the 4 most desirable Television properties in the BE but the branding and success is there. Pitt and SU and RU would be gone under most any football market-size scenarios leaving Cincy (Ohio), LU (Kentucky). and UConn in a battle with newbie TCU.
Put it this way: ESPN could easily write a deal that dooms the BE for a lot less money than paying though the nose for both conferences. A 12 or 14 team Big-12 gives them the time-zones and superconference they want.
Even 14 teams and bring GU, SJU, ND and Nova in for basketball.