This is the first time I've really looked at a potentially new conference (Big 12 minus texas, OU), not sure why BYU would want to be a part of it exactly. It'd be a lot more travel for them if this scenario happens than if they were to have been invited before all this Big 12 breakdown stuff happened recently.
I would like to see the TV market #'s compared to current conference setup to see how it'd compare. The lack of a big-time program to sort of cement a conference like this would harm the initial contracts I would imagine.
This sort of conference is one that I could see us flourishing in, but I don't think it'd get a lot of respect from outside the conference at the beginning.
Big 12
Iowa State
Kansas
Kansas State
Missouri
Baylor
(Oklahoma State)
From Big East
Louisville
Cincinnati
TCU
(Pitt)
(West Virginia)
Others
Houston
BYU
Who else?
Note: the ( schools ) are what I would consider to be more improbable, depending on situations with other conferences.