A reconstituted Big 12 will be a long ways ahead of any existing G5 in payments. As long as we have enough money to have solid facilities and pay a good coach, we can be alright. Might have to scuttle things like the entertainment district and not make any upgrades to Jack Trice for awhile, but we've gotten things to the point where we don't need to for awhile either.
We don't know that the Big 12 was going to get a bad TV deal either. UT and OU didn't even wait to find out.
Getting into the Big 10 or Pac 12 is our best option. The Big 10 would be an improvement over what we had, and the new Pac 12 wouldn't be a big step back (just less drivable road games), but the 8 schools filling in with Cincy, Memphis, BYU, and one of the Florida schools wouldn't be suicide. It would just be the last power conference. It's winner would still get into the playoffs most years, and we'd still be able to recruit developmental 3 star guys at that level, while maintaining both of our rivalry games.
It's a definite set back, but it's not doomsday either.