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I think so. The thing the Big 12 has always had going for it is that while they lack dominant powerhouse football programs outside of OU/Texas (when they actually are), they have a lot of mid-level programs that are almost all large state schools with respectable followings. Basically, they don't have any Wake Forests, BCs, or Washington States. Sure, a WVU-Kansas State game isn't going to be a ratings bonanza, but it'll be respectable. Not to mention KU basketball is a valuable commodity, and if those eight decided to tack on some additions, they could create a good, though not incredible, football conference that would still be P5 and could garner a decent TV deal, certainly larger than the AAC or MWC. All of the B12 schools are miles ahead of Tulane, Tulsa, SMU, ECU, and Temple in terms of program value to a TV network. Those five aren't even close.Realistically, could the Little 8 get a deal any better than the current American or MWC? I'd bet anything that they couldn't from ESPN. When the Big East lost the core of it's football conference the second time - WVU/SU/Pitt/Lou - they dropped their TV deal about $100 million per year to what The American has today. I have to think they would do the same to the Big 12 after the loss of Texas and Oklahoma.
The only thing that may save the Little 8 is the fact that their TV deal is spread out over ESPN and FOX. FOX needs content (tho less so after the B1G deal), so that haircut might not be as severe.
Ultimately you're right, it's all about giving the Little 8 time to figure out what's next. However, it's a pipe dream to presuppose that part of what figuring out what's next for the Little 8 includes restructuring the TV deal to any kind of P5 level.