If the American merger was the only option on the table because ESPMonopoly was the only media distributor left, wouldn't be surprised if Kansas said they're just gonna play UConn and Liberty three times a year in football and sent their hoops program to the Big East.
If KU was going to bet relegated to the AAC (they won't), then they probably just say F it and go to the Big East and fold football.
The idea that the AAC as it is currently configured absorbs all of the current Big 12 that remains is pure fantasy. It isn't happening. There could be leftovers that have no home, but it isn't getting all of the remainders.
Other things all more likely to happen:
1. 3-4 teams get absorbed into power conferences. Let's keep in mind, it's not like an ISU is going to the Big 10 and saying, "let us join and make $60 mil a year with you." The Big 12 teams will likely forgo big time dollars for a while for the right to join another conference. Now the last 4-5 left? That could be AAC time. No bueno for those schools no matter who it is, ISU included.
2. This absolute **** show with ESPN triggers a massive reset, all there is a massive realignment that crosses over all the current power conferences (maybe not all the teams of course)
3. All else fails and there are 7-8 Big 12 teams left. Try to bring in BYU and the best of the AAC and make a conference that's not good, but better than the current AAC by a good margin, and would be better than the AAC absorbing the Big 12 leftovers. Best hope is you can still have an outside shot to be part of a 12 team playoff.
ISU football will be dead if it's in the AAC. The schools in there now can somewhat be decent and even make a big jump on occasion because they are in great recruiting areas. You can get some good leftovers that just don't want to leave the state. Cincy is in one of the best HS football states in the country. Ohio St. gets whoever they want from anywhere, so there are still plenty of good leftovers. Same deal goes for Memphis, the Florida Schools and Texas schools. You WILL NOT be a national or even much of a big regional footprint recruiter in the AAC.