The always excellent Jon Wilner weighs in with part 2 on his look at the Big-"12" and in particular what the options are for the Pac-12:
http://blogs.mercurynews.com/college...ns/#more-20844
It's pretty much what I expected - if Texas/ESPN are willing to negotiate, the Pac-12 could expand to 16 with Texas & Oklahoma as the key pieces (presumably Oklahoma State & Texas Tech would fill the other two spots).
Without Texas, it's a lot more difficult to make the case for expansion. Oklahoma holds a lot of value, but are there three more teams that pencil out financially? And even if there are, would those teams all add up to a workable conference?