The more I read, the more I think pac 12, acc, and big 10 are not going to add any teams for the time being.
I think big 12 will add byu and cincy to get back to 10. From there we will decide if we want to get to 12,14, or 16 and add the next best teams to get to that number (ucf, Houston, Boise, etc)
If the other P-5 Conferences "wait and see" it would by far be their best strategy, IMO. And it would stabilize the B12 remaining eight in the short term.
There is nothing requiring any conference to act now since the available B12 candidates are likely low on their "wish lists." Not one or a combination of them add positive money on a overall per-school basis. Such acquisitions would be a net loser for them in the short term.
They should politely tell their Big12 inquirers - we are not expanding now - but we'll keep you in mind for the future. Then each should calculate their targets from the entire pool of P-5 conferences for future action.
For the B1G to acquire Kansas would be an incredible mis-judgement IMO. Yea, yea KU Basketball, yea, yea - the B1G doesn't NEED them now or the near future. KU football is the WORST in P-5 America. Kansas as a market - not the future - yea, yea the KC metro (mostly Missouri) is a draw - minimal, I'd contend. Iowa State does NOTHING for the B1G money.
To compete with the SEC, the East Coast should continue to be their aim. The Maryland and Rutgers (NJ) acquisitions were marginal but add in UVA and UNC in going to 16 gives them large markets and positioning away from the midwest. UVA/UNC are all-around superior to KU/IowaSt. (Just the 125 mile I-64 corridor from Richmond to Va Beach have more/and growing population than the ENTIRE state of Kansas.)
The SEC's next move (6-8 years) will be Clemson and Florida State and could happen somewhat simultaneously with this UVA/UNC grab. The rest of the ACC will suffer the "pass over" that we are now experiencing. (I could see the small possibility for the SEC to also grab NCSt and VaTech to complete the South and mitigate the B1G's moves in the mid-Atlantic.)
I don't believe that the SEC will EVER go and take TheOSU and Michigan. They'll leave them and the B1G alone.
The Pac-12 can always down the road "grab" B12 leftovers since they'll have a bigger $ TV contract (per school) in the next iteration. It's unlikely to be poached by the B1G/or/SEC as being geographically "too far away."
Then maybe, after the B1G goes to 16 and the SEC to 18/20, the Pac can play cleanup and create a 16-18 school conference with mid-America & East Coast leftovers. This only can occur if they don't jump this time and acquire 2-4 B12 leftovers to hastily.
A "New" Big 12 with 10 or 12 with the right additions (no SMU) keeps TCU rolling for at least another 8-10 years (I hope!)