ND's best move would be to join SEC Yeah, yeah, I know it will never happen.
ND could be a full member right away, and just walk away with no exit fees if it doesn't work out. Their other options will lock them into long term agreements.
Big 10
PRO:
Natural fit
Many rivalries maintained
Best culture fit
Stability
BTN
Academics
CON:
Goes against ND trying to be a National Brand.
Could become Purdue with a better fight song.
Church issues with stem-cell research in Big 10
Recruiting could get harder as a regional player in a poor recruiting region
Weakest football of the Big Four
No Tier 3 rights
Big 12
PRO:
If FSU and Clemson join, more national
Tier 3 rights
CON:
The Cancer of Bevo
GoR will lock them in for years Ames, Stillwater, Lubbock
Stability is still in question Academics - lost NU, CU, MU and A&M. WV, TCU, FSU
add nothing. SEC
PRO:
Full member right away
Can always just walk away w/o exit fees if it does work out
Best football conference
Best money and most stable
Tier 3 rights
SEC Network
Gives SEC an even bigger TV market
CON:
Not a culture fit
Academics (but not as bad a Big 12)