My guess is we'd have a conference of:
Baylor
Cincinnati
Iowa State
Kansas
Kansas State
Louisville
TCU
UConn
USF
And they would have rolled with the nine team conference playing 8 football games and 16 basketball games. It would have been right on the border of a major/mid-major conference with the SEC, ACC, Big Ten, and new Pac-16.
Think the ACC would have taken West Virginia instead of Louisville.
Once the Pac went to 16, this conference would be next in line for raiding if the SEC dived into the ACC for two more, as the ACC would then come here to fill back up (Louisville and UConn ripe for the plucking). Same for the Big Ten (KU would be constantly lobbying for this invite). It would have been even more unsteady than the current Big 12 with less money. Maybe we'd end up throwing invites at schools like Boise State, BYU, UCF.