The following schools are now the ones that have to be thinking "oh ****":
South Florida
West Virigina
Louisville
Cincinnati
Rutgers
Connecticut
TCU
3 of them might get Big 12 invites (I predict TCU, USF and Louisville)
West Viriginia "might" get SEC invite
UConn, Rutgers might get ACC invite
That leaves Cincinnati possibly on the outside. If I were them right now, I would be the most concerned about any of the BCS schools.
Selfishly, I want TCU to be on the outside looking in. Bringing them up to a BCS level is only going to make more difficult for Iowa State to recruit Texas.
A&M is as good as gone, make them pay every penny and watch them get pounded in the SEC.
First order of the Big 12 is equal revenue sharing for 1st and 2nd tier rights and at least 50% of 3rd tier rights if not all of them. Exit fees where schools would not even consider to leave would be the next item.
Add BYU, West Virginia and either Louisville or South Florida to get to 12.
Move the conference headquarters to a different part of the country outside of Texas.
Let them keep the conference football championship in Dallas as long as basketball is in Kansas City every year.