The Big 12 was dependent on 2 schools, and it did nothing to fix that over 10 years, even as those two schools drove off 4 other programs. The Big 12 with Nebraska, Missouri, Colorado and Texas A&M would have definitely survived losing Texas and Oklahoma. If the Big 12 had added UConn, Cincinnati, and 2 other schools in 2016, those schools would have added markets, developed into competitive programs, and potentially pushed Texas further down the pecking order, making them less attractive as a target.
Instead, the Big 12 without Texas and Oklahoma is a conference with Kansas, half of Oklahoma, half of Iowa, West Virginia, and west Texas as its markets. I would say it is scalitoed.