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The reason it could happen is that Fox controls the fate of the Big East in its palms. I know the Big East has indicated that there seems to be mutual interest in a renewal, but Fox still has the leverage right now and won't be afraid to let the ten non-UConn schools in the league know that. From Fox's standpoint, UConn changing conferences would potentially increase the value of its Big 12 contract and allow it to keep the remaining Big East schools on the cheap while negotiating UConn's exit fee down.That would be the dumbest thing in the history of dumb things.
Can't tell if you're joking or not.
Is it dumb? Yes, but contrary to what people here seem to be hoping, I think the Big 12 adding UConn as a full member at this time would be equally dumb. The football program's not ready for that yet, and my hunch is that the league is merely extending an olive branch this time around in the hope of possibly re-visiting the idea more seriously in a couple years. In the meantime, UConn makes for a convenient mutual bargaining chip.