Whoever gets left on the outside looking in when the music stops is going to lose alot of money... Baylor seems likely to end up without a home in a BCS conference. It's obvious that they would want to take all available steps to maintain what they have. Most of the other teams would likely end up elsewhere, either in the Big 10, Big East, ACC, PAC 10, or SEC.
Regardless of how this ends up, I can't imagine that schools threatening each other with lawsuits is going to shore up the conference in the long term.
No, their plan is to threaten a lawsuit to prevent Texas A&M from leaving the conference. The SEC will not accept Texas A&M if they are coming with the threat of pending legal action.
If Texas A&M leaves, and then Texas, Oklahoma, Texas Tech, and others leave to other conferences and the Big 12 folds that would be bad for Baylor. If Baylor ends up in a non-BCS conference, they will lose alot of money (as in MILLIONS of dollars per year). How much money do you think that the WAC or Conference USA pays out to their members in TV contract dollars compared with a BCS conference?