It's complicated. But one idea would be to merge the P12N into ESPN's properties as they are with the Longhorn Network. The B12 is now pretty much on ESPN's platform. The network has obvious interest in the P12 as well.
Spreading the network to the plains increases viewership perhaps exponentially. Games like Oregon at ISU or oSu at Washington would be hugely interesting to a national audience as well, to say nothing for Arizona/Ku hoops.
My sense is that the P12 has problems associated mostly with fans out there not caring. Merging that inventory with the Midwest would be a fix of sorts. The alliance would also be much more competitive with the SEC and B10 on multiple levels.
I don't like the idea of destroying one conference to benefit another and leaving out many schools as a result like Stanford, WSU and the like. Seems unethical and unwise.
The Pac 12 was dancing on the Big 12's grave, the last thing we want to do is water down the Big 12's revenue and merge with them. It won't happen.