ESPN gave the Big East an OK deal in 2002, and the Big East remained in the BCS. By the time the raid of the Big East was done, 14 of the 17 schools that were affiliated with the Big East from after BCU left until the final departure of Louisville were in significantly better position than they were when the raid started. UConn, USF and Cincinnati lost. Really, just UConn lost because USF and Cincinnati didn't belong in a major conference in the first place.
While it sucked for us, things worked out pretty well for the Big East schools. Tranghese and Martirano and the Presidents and AD's played the cards they were dealt, leveraged threats and legal action, and ended up better off for the most part.
The Big 12 is just following the Big East's playbook. While I think he will whiff completely, if Bowlsby gets 5 or 6 of the 8 remaining Big 12 teams into P4 leagues, those schools should erect a statue of him on their campuses.