Assuming OU (and OSU) is gone (because it sounds like they are), I think a Big East collapse provide Texas an opportunity to maintain a B12 conference and (most importantly to them) the LHN and financial power. So I see the B12 staying, but getting restructured. I still see North/South divisions so that Texas can make sure to structure their schedule so that they never have to play up north after Oct. 15.
South
Texas
Texas Tech
Baylor
TCU
South Florida
Louisville
North
ISU
KU
KSU
Cincy
UConn
Rutgers
Missouri (if they stick around)
South
Texas
Texas Tech
Baylor
TCU
South Florida
Louisville
North
ISU
KU
KSU
Cincy
UConn
Rutgers
Missouri (if they stick around)