The Big 12 is done for. Not big enough to feed Texas ego and not in the big TV markets which is what’s driving all of this. Texas will go where they want, and bring along whomever they want - probably to PAC 10.
The future will be 4 16-team conferences, all with TV network deals. That will be the new Division I, everyone else will be Division II whether they are called that or not.
I used to think that Frank Broyles made a big mistake when he took Arkansas to the SEC. I thought that Arkansas would be much better off playing Big 8 schools like Oklahoma, Oklahoma State, Missouri, and of course the Texas schools when the SWC folded. Its now looking like old Frank made the right choice.
Texas can have their “fiefdom” in the SEC as well, if the SEC goes to 4 four-team divisions. The SEC would be THE conference. A lot more money than if they go to the PAC-10.