The best thing the BTN did (from a business standpoint) is have a deal with DirecTv before they launched. This gave them cash to survive the short term and leverage over the cable companies while negotiating long term deals.
I think any Big 12 channel would have to do something similar to survive.
That's because BTN is partially owned by DirecTV.
Also, BTN had deals in place with the majority of it's partners before launch. Obviously the Pac-10/Big 12 would have to do something similar, but they are dealing with a much more diverse customer base, including over half of the country geographically (basically everywhere west of the Mississippi), while the BTN only really had to do deals with a handful of providers.
I would think an advantage of this network would be that they would be able to show more live sports action for a bigger part of the day due to the time difference. For FB, by staggering start times, they could start with a Big 12 game at 11:00 AM Central and start the final Pac-10 game at 7:00 PM Pacific (9:00 PM Central). By the time that last Pac-10 game finishes, that's over 12 hours of continuous live football.
Maybe this would make the network more attractive than a network that has to show more recorded action.
That still ignores the fact that you're going to have to find a way to produce every single game. That's not cheap. And then you're going to have to get providers to give you 5 or so stations to broadcast them on. The BTN itself has 3 or 4 already, and that's just for one conference, not two.
One channel might work if you only want to show 3 or 4 games a day, but that leaves everyone else in a worse situation than they are currently, since that means only 6-8 teams out of 22 would get on TV, and that's best case during conference play.
I thought the problem as far as BTN getting on cable systems was primarily with cable networks outside of Big Ten geographic areas, and that they were readily added within the Big Ten geographic areas (or at least added with less resistance).
As the Big 12/Pac-10 network would be relevant to pretty much every market west of the Mississippi, perhaps cable networks there would more readily carry the network, and perhaps there would be enough big name teams so that those cable systems east of the Mississippi would also be less resistant to carrying the network.
BTN and Mediacom were at an impasse for quite some time. BTN's business model pretty much required them to be on the basic tier, and Mediacom didn't want to give up bandwidth down there in analog land, and wanted BTN on a premium digital tier. That was the big sticking point, along with cost.
I can't imagine that a Big XII/Pac 10 network would be able to make a go without something similar in place.