If I am the SEC, I go after A&M (in the bag), then put the full court press on Oklahoma to join forces (in fear of what's left in the Big XII), then head east with North Carolina and VA Tech. I think Florida will sabotage any efforts to get FSU on board, plus the Seminoles don't bring any new market that Florida does not already bring to the table. UNC and VA Tech on the other hand bring Charlotte, NC, Washington, DC and maybe even Baltimore/Philly into the SEC footprint. Texas A&M and Oklahoma fill out the SEC West 8 and UNC and VA Tech fill out the SEC East for a mega 16 super-conference. I don't see any dillution from that approach. The key would be establishing a sense of urgency from Oklahoma to jump ship, VA Tech would jump in a heartbeat for SEC and the lynchpin is then UNC- a basketball school that is pretty loyal to ACC but could not afford not to take up the offer to play with the SEC big boys...I don't see what Clemson or FSU bring to the SEC- great football schools that would fit in well, but they would simply dillute the $ kitty with no new TV markets (already covered by UF and S Carolina).
Then I would hope the Big Ten would counter with Missouri (St. Louis and Kansas City, MO markets), Maryland (Baltimore and DC markets) and Virginia (DC market too). It allows the Big Ten to head south and east into good markets and would not dillute things. I just don't see Rutgers/Pitt/Syracuse as good partners, they bring very little, but the other 3 markets bring a lot of new TV revenue....
...then the Big Ten goes to Notre Dame with a great offer, which their NBC TV deal could not match. Missouri, ND, Maryland and Virginia fill out a great 16 mega conference. Big Ten West includes Nebraska, Iowa, Minnesota, Wisconsin, Notre Dame, Illinois, Missouri, Northwestern.
Big Ten East includes Penn State, Ohio State, Michigan, Michigan State, Indiana, Purdue,
Maryland and Virginia. Swap over ND/NW for Indy/Purdue if they ***** about losing their rivalry games with Michigan/MSU.
What's the downside of the scenario? I could very well see that playing itself out, no down-side and it leaves the Big XII and Texas in the rubble!