The 4-4-2-2-1 would lock the SEC and Big Ten into being the top dogs FOREVER. Although unlikely, the at-large structure would keep the door open for Big 12 and ACC to get to the top. We absolutely need the at-large structure.
I disagree. I think what you are missing is what the Big 12 needs to happen is they need to create new blue bloods. It is my opinion that the best way for this to happen is to have the same team or teams consistently make the playoffs. While that could still happen in 5+11 scenario, it's not very likely
Think Gonzaga basketball (or Creighton, or a dozen other schools). Could Gonzaga have became what it is today without an automatic bid into the NCAA tournament? Furthermore, if instead of 1 AQ the WAC had 2, wouldn't it be far more likely today that a second team or a group of 2 or 3 teams would have emerged if not on Gonzaga's level then a tier below it?
I think the Big 12 is cutting off it's nose to spite its face. They're allowing short term marketing problems to get in the way of what should be the league's primary mission: build programs that replace what was lost in realignment.
On top of that, one of the primary constraints these bigger leagues faced was that were only so many playoff spots to go around. If Oklahoma has to finish in the top four of the SEC each year to make the playoffs (or win a conference playoff game to make the playoffs each year) that's a lot harder than finishing in the top 6 of the SEC each year and using their brand name to get inside the top 16 of the rankings.