If the B12 brought Houston on board, they'd be sealing their own fate. There is zero benefit to another Texas team. Zero. Actually, I'm wrong - it would have a negative drain on the conference.
Agree, if Houston is added, Oklahoma is heading for the door likely taking OK State along with Kansas following close behind. While Texas politicians may not have a problem with a Republic of Texas only conference, U Texas would be significantly hurt and would have follow suit.
So, who goes where?
Texas: B1G or PAC. I can't see A&M wanting to be under the Austin's thumb again int he SEC. Thus, if Texas can agree to share and if it can be separated from Texas Tech politically, Texas will go to the B1G as it has the highest revenue (sport and academic) upside. If they can't share and/or Texas Tech has to go along for the ride, its the PAC.
Texas Tech: With or without Texas, they will go to the PAC.
Oklahoma & OK State: Ideally, the Sooners go to the B1G and T. Boone Pickens greasing OK State's path into the SEC. If the two have to be paired, its the PAC.
Kansas & K State: If Kansas if it has to be paired with K State, they too are going to the PAC. Otherwise, Kansas is going to the B1G and K St either goes to the PAC on its own or is left behind.
Iowa St: Left behind as they simply offer nothing new to the existing conference in the area (B1G) and with a flat population, no other Power conference is going to want to expand there.
West Virginia: Likely ACC as Pitt and Louisville would likely support their addition due to historical rivalries (old Metro Conference) along with Cincinnati shoudl the Bearcats be added to the ACC at the same time. There is a slight chance they go tot he SEC to fill in a hole, say Missouri jumps to the B1G, and the SEC believes that W Virginia is the closest they can get tot eh DC market should efforts to attract UVA and/or V Tech fail.
Baylor & TCU: I think there is a possibility that the strongest of the two gets into the SEC (assuming U Texas does not) as having 2 members in a market the size of Texas makes sense and the addition of Baylor or TCU would not threaten A&M or the other SEC members as U Texas would. The 'loser' may go to the PAC with Texas Tech or be left out.