The author Larry Block tells a story about being dragged into the Dean's office at his college during his Animal House days and the Dean told him:
You're a genius. It's not enough to be a genius, you have to be a genius at something.
This is my take on the B1G: I immediately discount a lot of rumors based on academics and geography. Yes, the leadership of B1G knows football drives the money now but they're thinking--or trying to--about 50 years out. There is deep concern over the viability of football in light of the concussion issues and whether they can or should continue. There is also concern over the long term viability of the network model. The last thing I see the B1G doing is stepping far afield from their current footprint to add schools that don't fit the academic profile and goals of the consortium.
If football goes away and the cable model yields to a less lucrative ala carte model, the B1G still wants to remain a viable if less lucrative conference and, among other things, that means retaining geographic cohesion. It's one thing to put a football team on a plane and fly out for 5 games a year; quite another when you're sponsoring 25 sports.
If you're Texas, yes, the B1G will take your call and, yes, you can probably start planning the B1G rebranding of the stadium. If you're not, your chances are going to substantially enhanced by simple geography and AAU status--or, at the very least, commitment to being an AAU level research school.