So the schools that might still be considered are:
Air Force
BYU
UCF
Cincinnati
Colorado State
UConn
Houston
Memphis
Rice
USF
SMU
Temple
Tulane
I think this suggests more of an emphasis on academics than some have thought. There are only three Group of Five schools that are AAU members, and Rice and Tulane are two of them (Buffalo is the 3rd). They don't have particularly strong athletic histories to speak of, so for them to make the cut could mean this is mattering to the presidents.
Carnegie I research status is another academic factor, and UCF, Cincinnati, Colorado State, UConn, Houston, USF, and Temple are members along with the two AAU schools.
So that leaves Air Force, BYU, Memphis, and SMU as schools on the list without one of these academic distinctions. Air Force, BYU, and SMU are still respected institutions in their own right. Memphis... well, if the Big 12 chooses Memphis, then maybe academics really don't matter at all in expansion.
But no one has been able to confirm that Memphis even made the cut, which would be a surprise. If Memphis really missed the cut, then I think that is another piece of evidence in favor of the presidents thinking about the academic profile of the schools they want to add.