I think the reality is that the new Big 12 (or even newer Big 12) will need some programs to rise up and build a new perception of the league. Over time, those programs can become the new marquee names.
These G5 programs and even BYU have built rosters that can compete with all but the elites while on 1/4 the budget of the Big 12 and the label of G5. It is a little bit scary to think of how well UCF has done given they were in the MAC when DMAC was turning us around. The hill from Big 12 to P2 is nothing to them.
Ok St will just keep being Ok St. They weren't signing many kids ahead of SEC programs before. This conference is full of schools that have been doing more with less forever. Now, there just isn't the OU game.
My biggest concern is not that the quality goes down, but rather like basketball, there are basically no bad programs other than KU. And since we won't have the traditional elite power, we won't get the benefit of the doubt or credit outside of the computers. Just like how when Baylor, ISU, TCU, or OK St have won or been in contention for the Big 12, the narrative was it was bad that year.
Adding these pathetic PAC (and eventually ACC) programs would help in that, while adding Oregon and UW would help in the perception department