If we're looking at 4 * 16 and we have PAC, SEC, Big10, ACC, Big East (and remnants of Big 8). If PAC, SEC, and Big10 are 3, then those latter 3 will be vying for the 16 spots of the Big Leftovers Conference.
That said, I would not be surprised if Wazzu doesn't find itself looking in when UT, OU and the big boys do to them what they did to the Big12N.