IMO, only 1 of the AAC and B12 survive.
Once UT & Oklahoma are gone there is no cache to the B12 any longer. FOX would immediately blow up their deal with the conference putting all of the remaining B12 schools in limbo.
At that point the question becomes, which network wants to be the provider for the leftovers?
Does FOX decide to keep the B12 programming (with a few additions from the AAC) at a reduced rate or would they want to keep their ammo for the upcoming B1G negotiations? Or, does ESPN decide to bring some of the B12 leftovers into the AAC and provide a bump in money?