To Bruce, you are right that my second post was tangential. My initial post, citing both geography and academics, was meant to primarily stress geography. However, although Big 12 schools obviously wouldn't go, "Wow, that school's academics are far too good for our conference! Nothing to see here," they would definitely be seeking schools that fit nicely into the profile of what it means to be a Big 12 school. What schools, culturally and academically, are going to fit in with the other Big 12 schools? UConn, in my opinion, wouldn't fit well into that Big 12 culture, for academics among other reasons. Still, geography is 90% of the reason why I don't see UConn in the Big 12.
To NYU, I do the same thing. It's great to compete with schools who you feel are similar to you not just on the field, but off it as well; it enhances the competition.