1) There are a lot of setups where you can have us in the same division with OU/UT. Honestly, they're probably the preferable setups for everyone.
West: OU, OSU, UT, Tech, KU, KSU
East: ISU, WVU, Baylor, TCU, Cincy, [Insert whoever]
That maintains most of the major rivalries.
2) I highly doubt we'd do an 8 game conference schedule. Odds are that we'll do a 9 game schedule, probably with a cross/divisional rival. That seems to be en vogue, and if we're going to have a revenue neutral/positive deal here, I'm guessing TV partners will demand more conference games. Our "rival" would probably be ISU.
3) #12 is probably UConn or Houston. BYU most likely isn't an option. Memphis most likely isn't, either.
4) Pervasive thought amongst those on other boards that follow this way more than we do are convinced Fox or ESPN has already told Boren that we'll make money with a network. If it's ESPN, thought is that they'll flip the LHN. If Fox, they may flip a regional network to the Big 12 Network. Either way, Texas probably gets a guaranteed payout equal to what they have for the remainder of the LHN contract, or everything else is a non-starter.
5) I'm fully expecting a lot of comments about how barfy the schools are and another page of how a network doesn't make sense. I don't care, and I'm not debating that. I'm simply regurgitating what I've read from folks that follow this stuff way more than even I do to provide context.