How do we know what the media contract is? I have never seen anything but the Big12 bylaws and the incomplete GoR. None of us have, it's not public record. We have no clue but what was rumored to have been in it, and there isn't a whole lot of certainty there. The rumor was that the media contract was null and void if the conference fell to eight members. The Big12 could add two more, but it had to be with the agreement of the conference. They couldn't add anybody. If Fox and ESPN want the Big12 to go away, this would be their out (if it were true, which it probably isn't).
Even if it were, take a look at Section F:
It doesn't give a period of time to make it right. It says that if half of the conference is lost, and that brings them down below six schools, the basketball conference is considered disbanded. Doesn't give a time frame and gives the credits to the schools.
So, if KU and OU go to the Big 10, Texas and TTU go to the PAC and WVU finds a way into the ACC/SEC, their tournament credits can go with them. 10 teams losing 5 is 50% and it would put them below 6. They would be considered disbanded and They can give their credits to their new conference.
Again, this isn't happening, but I still think the Big12 is a dead conference walking. May not be now, but in 6-7 years the main teams will be gone or in the process of leaving.