Back to the OP:
Texas and OU can essentially join any conference. If Texas neglects OU's demand to expand the Big 12, the impact could be OU leaving for the first conference that will take them (as indicated). This may wait until the Big 12 deal is up or near completion, but could happen anytime OU wants it to happen as they can afford to pay any exit fees.
If Texas is looking for a way out (also as is indicated) then every team in the Big 12 is looking for someplace to land. OU is a serious brand name but does not have the following to support the TV deals as they stand.
If Texas and OU wish to join a conference together (they have a long rivalry, the Red River Rivalry), they can go in as a block, even naming travel companions. Any conference would have to consider them.
SEC: Hands down the "easy"choice for speculation. PROS: General same climate. East coast exposure (UT likes this). Great games for fans, home and away. Great travel locales. Can accept any "friends" UT and OU wish to bring along, would prefer new markets, though). Has its own network. CONS: However, UT has never wanted in the SEC and does not like their academics. Also, OU is attempting to improve their academics perception. Additionally, the SEC has many name brands that have won the title (conference and National). With TAMU in the mix, why join what is perceived as the toughest road to the NC and make it that much tougher. Not likely to have greatest influence based on the number of high quality teams and long history of the base being together.
ACC: Easy talk of desiring UT and OU. PROS: Only 2 elite level schools at present. Several historical name schools to play against. East coast exposure. Same climate (mostly). Can accept some "Friends". Academics are on point. Great Olympics Sports teams to compete with. Easy (perceived) road to the NC, not as easy as the PAC at present, but only FSU and Clemson are presently contenders annually. Great places to visit. Likely the best place to have instant influence as the NC4 no longer rule the roost in all decisions, the new schools along with FSU and Clemson make a solid voting block and the hoops of this block match up with the old line schools. Will take public and private schools. CONS: Some northeast games. Smaller stadiums. Small traveling fan bases. No network.
B1G: Generally a good fit. PROS: Some rivalry in UNL. Great academics, with CIC. Excellent traveling fan bases. Good stadiums to visit. Has an established network. Some eastern exposure. Several name brands to play. CONS: Northern teams only. Old states with declining populations. Will have little to no influence in conference decisions. Travel to Minnesota and Iowa and NJ are not exactly desirable. Tougher road to the NC. Limited exposure to east coast. East coast is duplicated by ACC and much greater in the ACC. Probably limited on which "friends" they can bring along.
PAC: This is easy enough as the PAC has considered them as a package deal before. PROS: A couple great names. Generally good locales to visit. Usually only a couple of elite level teams on an annual basis (compared to other conferences). CONS: Travel sucks. No eastern exposure (late games that nobody in the east watches). Too many teams over-hyped. No real TV network. Likely to have little influence in conference direction. Will be limited as to which "friends" to bring along. Will be on an island more so than any other P5 conference.
In short, the ACC is probably the one conference that can absorb UT and OU as they are with a couple friends. The network issue is being addressed and as an alternative, the LHN could be converted. Being strong in all sports is a plus for both schools and eastern exposure would help recruit students (and hoops as both wish to stay strong in hoops).
That said, I see UT and OU adding 2-6 teams to expand their TV deal long term. They like being the big dogs and running the show. Either could have made the move in the past and did not because they like some of what they see. I still see no chance of the Big 12 luring Clemson and FSU away from the ACC without and ACC implosion.
