Per the OU Rivals Site:
Big Ten has eyes on OU/Texas (OU wont go leaving OSU behind)
OU/Texas will try to bring name teams to the league.
If the luring teams to the Big XII does not happen, Texas will rework ESPN or drop it entirely & OU/Texas/Tech/OSU will join Pac12
If the big 12 blows up, Texas to the Big 10 would be great entertainment at least to watch the huskers meltdown.
OU/Texas want name teams that won't hurt conference prestige, or their chances to win the conference. BYU, and long shots Arkansas and Notre Dame, could be interesting. UT and UA have SWC history, have scheduled each other for home and home series in the past, and do have a working relationship.
I think the Big 12 will re-invent itself, A&M is going to look like fools when they are getting beat downs in the SEC West (until half of it is on probation), and the sky won't fall.