I've said it in here before, but I still think the most likely thing, regardless of whether or not we expanded, was for the Big 12 and Pac 12 to have separate conferences but create a joint media rights deal.
We share the same T1/T2 deals with ESPN/Fox, we want a conference network, and they can't get theirs carried anywhere. The model is set up so that we could bundle T1/T2 together, and as teams T3 rights expire, they can roll into their platform.
If both conferences merged rights together, the platform would be 11 states, 100+ million people, four time zones, and almost every major school west of the Mississippi. Carriage wouldn't be a problem.
Both conferences have sold out to get more money due to a demographic challenge. The Pac 12 is in bad time slots because ESPN wanted them to play late at night, and we have a limited footprint (albeit in the most desirable time zone). The Pac 12 needed nine conference games and a CCG to maximize revenue, and we will do essentially the same thing. The last four years, and in 4/5 of the opportunities, there has been a rematch between regular season competitors and CCG competitors. We're always going to have that problem. Both conferences are going to cannibalize each other, and it's just more likely because 14 teams is really the optimal way to try and have two divisions without having two good teams play each other.
Our best bet is to lobby for an eight team playoff and stick with our current formats. That way, the conference champ gets in, regardless.
At the end of the day, we all get what we want. The conferences stay the same, we all make money, no one gets left out, everyone gets access to the playoff. Win win.