Speculation but you have to be prepared if true.
Oklahoma is wise to be exploring future options if necessary (SEC or PAC-12).
If inevitably there will be 4 (16 team) conferences, you have to consider how your conference stacks up to the other conferences with respect to quality and TV market size.
If the PAC-12 has to take 4(P5) schools to get to the required 16 teams, they will probably go to the Big 12.
Almost happened with the last round of expansion.
The Big 12 has 6 teams Oklahoma, Oklahoma State, Kansas, Kansas State, Iowa State (shared 1/2 population with Iowa) and West Virginia that only have a combined state population of just 10 million.
Without Texas giving up the LHN and the $15 million per year they receive a Big 12 Network will probably not happen.
Texas is a school that the B1G, SEC, Pac-12 and ACC would love to have join their conference due to its tradition and TV market size. Texas will always be courted by the other conferences.
Oklahoma would like the BIG-12 to expanded to 12 schools but I believe Texas is currently not in favor of conference expansion.
I think a decision is supposed to be made in the next several months.
Don't know how all this will shake out but you have to be prepared if it occurs.
HAIL TO PITT!!!!