This concept has been floating around for years, and it seems like it would have a chance at working. The timezone difference would allow the content pooling to work well. Would OU, UT, and WVU (who is reportedly getting $9 million/yr from their 3rd tier deal) give up their deals to do this? Does anybody in the Big 12 trust Larry Scott?
A better question is whether P12 Presidents and ADs trust Scott at this point. Despite its current issues, PACN is well positioned as a linear or streaming network without a "middleman" stakeholder like ESPN or Fox. Scott may not want to partner or merge with all of the B12 but he may be forced to eventually and it would benefit both conferences.
The T3 deals that UT, OU and WV have are nice they need to get on board with a conference network in order to provide negotiation leverage for the new TV deals. A conference network enables the B12 to tell the OTA Tier 1, Tier 2 providers (ESPN, FS1, Turner, etc.) and streamers (Amazon, Hulu, Twitter, etc.) that if you don't pay us enough for premium content, we will keep it for ourselves on the conference-owned conference network.