Assume that this site has the relative size of the fan bases of each school right:
http://thequad.blogs.nytimes.com/20...-college-football-fans-and-realignment-chaos/
Additionally, assume the size of the fan base has a strong correlation with the value of the school for media rights purposes. The most valuable school is Ohio State (big alumni base, very connected to athletics, "only show in town" in some very college football and football interested cities like Columbus, Cleveland, and Cincinnati) with 3.1 million fans. Iowa State has around 535,000, so Ohio State is worth about 5.9x than Iowa State in a media deal.
I also know this is not perfect--the Big 10 model depends on # of TV sets, not so much the intensity of the fan base, for example. Maryland and Rutgers have very little intensity to their fan bases compared to ours, and ours might even be larger, but they bring automatic cable subscriptions to the Washington, DC, Philadelphia, and NYC media markets, so that's that. The Pac-12 and Big 10 are supposed to care about academics, too, in theory, but for argument's sake...
Original Big 12 (12 teams, N/S divisions) = 11.865 million total; 989,000 on average
Big 12 of 10 (Colorado and Nebraska left) = 10.139 million total; 1.014 million on average
Current Big 12 (+WVU, +TCU) = 8.354 million total; 835,000 on average*
*Texas A&M is the big loss here (>2 million fans, TCU ~370k, WVU and Mizzou are actually about an even trade by these numbers, if not slightly advantaged to WVU)
Now for the hypothetical mergers between the Big 12 and the Big East football schools...
14 (Baylor, Cincinnati, Connecticut, Iowa State, Kansas, KSU, Louisville, Mizzou--presuming no SEC, Rutgers, SMU, South Florida, TCU, UCF, WVU) = 7.726 million overall; 552,000 on average
12 (which is what Oliver Luck described) = 6.478 million overall; 540,000 on average
That 550,000 fans per school is about half as valuable as the Big 12 stuff, so I could imagine this maybe in the $8 million to $10 million per year per school as the "baby major" conference. It's comparable in numbers to what the old Big East was before it essentially collapsed as a football conference--around 500k on average, and they were offered a television deal in that range before collapsed. It would cover some good-sized media markets, too, with Dallas, Kansas City, Louisville, Cincinnati, Tampa, Orlando, Philadelphia, Pittsburgh, Washington, New York, and Hartford. It would certainly be weaker than what became of the Pac-X, Big 10, ACC, and SEC, but probably not too far off the ACC for #4/#5 in the pecking order.
So we came out better for ending up with our friends in Austin and Norman, though that does mean steeper competition, but ending up in a *much* better American conference equivalent with the remnant Big 8 schools and half the Big East wouldn't have been the end of the world. We'd be in a "high major" instead of a power conference, or a weak power conference, instead of the cream world we have right now.
A basketball conference with Baylor, Cincinnati, Kevin Ollie, Hoiball, Bill Self/blue birdies, KSU, Pitino, Mizzou (before they started to decline again), Larry Brown, Huggy Bear, Georgetown, Marquette, and the rest of the Catholic schools would be pretty nuts, though.