I think it would make sense for the Big XII to pick up two more teams and keep going. I think it hurts them losing Nebraska. Big 12 could get TCU and Arkansas and keep things going, maybe do a little re-aligning. Either way..playing as a 10 team conference would kind of suck IMO. That means, for right now, the winner of the Red River shootout will be your big 12 champ.
The Big XII-2 will be in the ash bin of history in five or fewer years. The proposed television dollars promised will not materialize and Texas will flirt once again with the Pac 10 - only this time there will not be any false promise of huge new TV money to give them any bargaining power. And Oklahoma, afraid they will be unable to recruit in the state of Texas if they cannot promise recruits they will play UT, aTm, TT, and Baylor every year will slink along where UT goes.
Addendum: Reported on CollegeFootballTalk.com that there is currently no signed television agreement to support the tremendous increase in TV monies supporting this agreement, that Kansas-K State-Iowa State-Missouri-Baylor each agreed to give up their share of the departure penalties to be paid the league by Nebraska and Colorado to allow these monies (should be around $12MM total) to be distributed to Texas-aTm-Oklahoma, and there is NO signed agreement among the remaining programs to commit to any fixed term of membership. This is a shot-gun wedding of the purest sense. When Texas finds they have milked the cows completely dry, they will abandon this pack of losers so quick.
I never understood why the original and real Big XII did not split Texas and Oklahoma into different divisions. Just because of what will happen now, 99 times out of 100 the winner of the UT-OU game would represent the South division and they were always the big two teams in that league. Put them in different divisions, have them play each October, and most likely you would have a rematch of your two most visible teams again in early December. Maybe, looking through the window of a national title, the two schools did not want to take the chance of one team winning in October and the other in December and knocking both out of the BCS title chase.
aTm had a chance here to make a truly bold statement by joining the SEC. Step out of UT's shadow and join a solid and stable league. I really believe their recruiting would have experienced a dramatic spike selling the fact UT would be playing the same old schools (TT, Baylor, OU, OSU, Missouri, Kansas, K State) and some lesser new names (Arizona and ASU) in their division and then bringing in a Cal, Stanford, Oregon, Washington State) on a regular basis. ONE game with USC would not have been a real bonus. Where aTm could sell bringing in LSU, Alabama, Auburn, and old SWC foe Arkansas at least every other year - not to mention a Florida or Georgia or Tennessee or (probably FSU or Miami). And LSU and Alabama and Arkansas would have seen an improvement in recruiting the state of Texas, thus further knocking down their hated big brother. Oh year, and REALLY be paid about $20MM a year.