I would greatly enjoy the clowns going to a smaller and insignificant conference but I don't think it will happen. Why should Texas and (or) Okla go anywhere else? Unless the TV contract is decimated Texas and OKla now completely control the Big 12. Who in their conference do they have to fear? Virtually every year the automatic BCS spot will go to one or the other. Almost every year, the conference will be decided by that game.
Texas already controls the Big 12 and the rest of the teams grovel at their feet. Unless the automatic BCS bid is ever in jeopardy, why should they or Okla go anywhere? We see the quality of the Big East and they continue to get an automatic bid. The Big 12 is a better conference, or was when Nebraska was a member. The conference has been weakened with NE leaving and if Texas A&M were to leave, their leaving would also diminish the quality of the Big 12.
So IMO two things would have to happen for the clowns to be relegated to a much lesser league.
1. TV contract blows up because of the quality of teams left in the Big 12.
2. Texas A&M and Oklahoma leave for the SEC. If Okla left, that conference would be toast.
If the SEC takes A&M why wouldn't they try to get a package deal and get Okla also? Getting Okla into their league would be the real prize.