If another invitation doesn't come, the goal of the 8 leftovers will be to keep their budgets as high as possible. Here are some figures:
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Texas - 223.9M
Oklahoma - 163.1M
Kansas - 121.6M
West Virginia - 102.7M
Texas Tech - 96.6M
Iowa State - 95.4M
Oklahoma State - 95.3M
Kansas State - 89.9M
Baylor and TCU aren't listed.
That's a current average of 123.6M. Remove UT and OU and it drops to 100.3M. Take away the ~$20M per school in media rights that will be lost along with fewer bowl bids and other sources of revenue with a lesser conference and that average is likely somewhere in the 70Ms - maybe even the 60Ms, if TCU and Baylor are at the low end of the spectrum.
So the goal will be to find G5 schools that can bring in revenue as high as possible - if they are near 70M, they might rise everyone's tide.
Highest G5 budgets:
UConn - 80.9M
Houston - 75.0M
UCF - 69.1M
Cincinnati - 68.9M
Air Force - 60.0M
East Carolina - 60.0M
Colorado State - 56.1M
Memphis - 55.8M
USF - 55.0M
BYU isn't listed, although they are a safe bet to be above or near the top of this G5 range.
UConn is going to the Big East and their football program is horrifying, so they are not a good choice. Otherwise, in addition to BYU, there are a clear top 3 in revenue: Houston, UCF, and Cincinnati. Adding them would be a smart move.
I expect the league would divide Texas across both divisions, with TCU in one and Houston in the other for recruiting purposes. Divisions could look something like this (with protected rivals in parenthesis):
Big 12 West
BYU (Cincinnati)
Texas Tech (Houston)
TCU (Baylor)
Oklahoma State
Kansas
Kansas State (Iowa State)
Big 12 East
Iowa State (K-State)
Baylor (TCU)
Houston (Texas Tech)
Cincinnati (BYU)
West Virginia
UCF