I'm not going to listen again (it is about a 2 hour POD), but these guys had a good discussion on the matter.
I'll try to summarize and partially answer your question: UO has offended the B1G & it's possible the B1G doesn't want them anymore. BY is a forward thinker & don't underestimate what he might do to entice UO. For example BY might allow Big 12 to accept naming rights. If so, perhaps BY and Phil Knight agree to something like 'The Nike Big 16' conference or whatever. This could entice UO longterm, financially, via UO's primary benefactor, Knight. They go on from there, and many other points worth considering. Near the middle and end, they all get into the ACC a bit, and the stronger possibility now that it is going to break up sooner vs. later.
It's a good listen. I thought it was very informative.
Yes, if UO/WA are in the Big 12 for a short period of time, then get an invite to the P2, let them go. They will pay their out fee per whatever GOR is agreed to.