Here is my big "College re-alignment" domino falling scenario:
It is still a possibility that the Big Ten invites Nebraska, Missouri AND Kansas. Nebraska has high TV ratings, despite small market, with traditional power in football and would form a great rivalry with Iowa (IMO). Missouri-Kansas combo brings in a long-traditional rivalry game in many sports, and we know the Big Ten loves that; almost as much as it would love the St. Louis and KC markets being locked up. Any more expansion from the Big Ten, most likely would be east after that (Rutgers, Syracuse, if anything). The Texas rumors I think are Longhorn attempts to stir up the SEC into taking them and the Aggies or to show some muscle to teams in the Big 12 North that they are the real prize out of the conference, in order to forestall any leverage attempts by Mizzou/CU to get a more even distribution of conference revenues. I think the SEC might blink and invite the UT/A&M combo if they truly feel the Big Ten will expand to 14 or more teams.
I think the Pac Ten is going to court CU very aggressively as their options are pretty limited and we could be the foothold to get to a legitimate 12 team conference. Utah is the most logical next school to maintain their geographic connection. I don't think they would expand to 14 just because the Big Ten might; but if they do the only school they would do it for would be to add BYU, and then they would probably go after either New Mexico or UNLV as a basketball program, demographic reach, and possible long-term benefits.
The leftovers from the Big 12 would then have cherry pick the MWC, WAC, and Conference USA into getting a decent conference put together (probably on par with the Big East, both academically and athletically, hoops notwithstanding).
I think the expansion thing will be driven by the conferences forming their own networks, the Big Ten and possibly the Pac Ten. NBC is content to just "play" with Notre Dame, CBS has the SEC, and ABC/ESPN have primary position on many of the national games, even for conferences with other contracts. Fox doesn't do college football, and really sucks at bowl games too, so unless they or another large regional (TBS) gets into the game; their really isn't a large pool of suitors out there to pay big bucks for TV rights. And with the affects of the recession on advertising spending that market already looks smaller.
The Big Ten already has the network, has standards that they have established, and will look to build on their "midwestern roots". Teams like Minnesota and Wisconsin will welcome programs like Nebraska, Missouri, Kansas as they will expect larger crowds, TV ratings, as they would focus playing their divisional opponents moreso than distant outliers like Penn State and Ohio State. The traditional Big Ten powers wouldn't see as much of a change as Michigan, M-State, Ohio State, and Penn State would all be in the same division.
Texas and A&M would then want desperately to join the SEC, and Oklahoma would push for it as well. The SEC could bring in Oklahoma, OK-State, Texas, and A&M and proceed with forming their own network (which they were close to pursuing when the CBS bucket of cash changed their mind). Moving Bama and Auburn to the eastern division would allow the western division to be the Mississippi river valley teams centered on Arkansas/LSU.
Kansas State, Iowa State, Texas Tech, and Baylor would then have to form up some type of new conference by joining the MWC or Conference USA or separating and going their separate ways.
Going to the MWC who just lost Utah would then form a new 12 team conference which could still have a chance at gaining BCS auto-bid status. The MWC could replace the loss of Utah in football by adding Boise State; and then 1 more team like Fresno State to go to 14 as well. This conference would then be dangerously similar in format to the WAC-16 conference but would at least have a chance out of the gate at competing on the field and court. The Mountain TV network would have expanded reach and they would be in a position to take advantage of that, but if they had a few bad years early on, it would doom the conference, although there wouldn't be a lot of alternatives at that point.
To Recap:
Pac Ten: adds Utah and Colorado to become the 12 Pac Conference. Conference Championship game is hosted in Glendale which now is at the risk of having the Fiesta Bowl lose BCS status. Possibility of 12-Pac adding UNLV and New Mexico.
Big 12: dies, or the remaining members "merge" with the MWC, keeping the Big 12 name.
Big Ten: adds Missouri, Kansas, and Nebraska; forming two 7-team geographic divisions (East/West, splitting Illinois into the West and Northwestern into the East). Conference championship game is hosted in Chicago or Indianapolis.
SEC: adds Texas, Texas A&M, Oklahoma, and Oklahoma State; forming two 8-team geographic divisions (East/West, moving Alabama/Auburn into the East). Cotton Bowl becomes another SEC bowl game.
MWC: merges with the Big 12 remnants, invites Boise State and possibly Fresno State. They continue to fight for BCS inclusion by adding four former BCS programs and replacing Utah with Boise, with a much greater chance now that Fiesta Bowl has ties to the Big 12 which is effectively dead. Fiesta and MWC/Big 12 need each other to survive and probably make it happen. BYU rejoices as they are now a BCS program and forms instant rivalry with little known Mormon hotbed Boise State, while TCU and Texas Tech become instant rivals in the other division. Conference Championship game is hosted in Las Vegas.
CSU and K-State become rivals as CU forgets them both and creates a "Four Corner" rivalry with Utah, Arizona, Arizona State, and possibly New Mexico.
On January 1st, 2021 The University of Colorado Buffaloes win the Pac 12 Conference Championship game in a blowout of the UCLA Bruins, thus advancing to the Rose Bowl against Big 16 Conference champion Nubraska Cornhuskers. We win 62 to 36 behind a power running game led by Elijah Bienemy.