If something like this plays out, I think perhaps the Big 12's long-term strategy should be to:I think you are letting the current concept of conferences cloud how you think this is going to go down.
Right now, do Ohio State and Michigan carry water for the rest of the Big 10? Yes. But they don't carry water for any team outside their conference, outside of some marginal interest they might bring to the sport or some playoff $ share, which for the grand scheme for them isn't all that much.
It's likely it's not going to look like a new big "conference" model where they negotiate as a whole, all hold hands and share revenue equally. Ohio State and Michigan will gladly take Purdue, Iowa State, or GA Tech fans' eyeballs and TV ratings, as long as they can negotiate their TV contract so they get a massive share of it vs. those other teams.
The idea that the blue bloods and big names have to choose between giving the low value teams more money than they're worth or risking having those viewers peel off is a false choice. These schools can have the best of both worlds. Keep the low value teams as participants in a league, make sure there aren't any kind of NIL or salary cap type things enacted, and make media, playoff payouts, etc. merit- and ratings-based. Everybody still watches, the pie grows, and they get an unprecedented share of the pie. Win-win.
1. Kill the ACC, take valuable leftovers.
2. Destabilize the B1G and SEC if they try unequal revenue sharing. Force higher-value schools to split off into their own league rather than negotiate. Some schools like Vanderbilt, Rutgers, etc. are probably done when that happens, but maybe Big 12 could add like a Missouri or Michigan State (not sure if they would make the cut or not).