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1. Will Texas A&M join the PAC-10? I doubt it. I don’t see the Texas State Legislature getting involved in this situation, but maybe they do.
What they seemed to have done last time was say "Hey Texas... want state funding? Then A&M comes along too." It might be a bluff, but it's one hell of a bluff.
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2. Will Texas leave the Big 12 for the SEC? Doubt that, too. Possible, but only in the most dire of circumstances, i.e. the Big 12 collapses.
The big hold-up here is academics. Texas administrators vocally took some shots at some of the SEC schools back in the 90s, and that really rubbed a lot of those schools the wrong way. Time and money heals all wounds, but a similar dynamic could play out. I think Texas in the SEC is more likely, ultimately, that Texas in the Pac 10.
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3. Colorado is a high probability to move to the PAC-10. Lower level of competition compared to the Big 12, more money in a better package deal, and a better chance at allowing themselves to recruit in California and Texas.
Only if the Pac 10 will have them, and it's not clear they will. All 10 university presidents have to agree to any expansion, and Stanford raised complaints about the academic credentials of
Texas last time this happened. If invited, there's a good chance Colorado switches, but it's not in their hands.
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5. The Big 10 will not balk at Nebraska. Quality academics, expanded market, and a great storied tradition.
No one one, iffy on two, yes on three. Just going of the US News and World Report Rankings (which, despite their protestations, administrators care a great deal about), the lowest ranked Big 10 school is Iowa at #71. Nebraska is #96, and Missouri is #102. The presidents could easily balk at accepting either one of those schools.
Nebraska brings no real markets with it either, but it does likely raise advertising revenue within the existing Big 10 Network footprint, and it would raise subscriptions in non-footprint areas. The fan base is very diffuse though. Picking up Omaha or even Kansas City isn't a priority.
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6. Missouri is a different story. They bring a market, but little else. They are not high on my priority list, but if the Big Ten can’t get some other big boys, they will likely default to Missouri and pull St. Louis and Kansas City markets with regional rivalries.
St. Louis is a pretty big deal. The only danger is that you might eventually pick it up anyway with Illinois, but grabbing St. Louis would increase revenue immediately. Travel costs would be kept lower for most nonrevenue sports by taking Missouri as well; these are nontrivial. If the expansion is a one-off thing, I still think Missouri is the most likely candidate.
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7. SEC changes would likely be 3-5 years down the road. They wouldn’t play under that old contract for very long, so I doubt that’s a major concern for them. And I’m not sure the SEC has a Big Ten model revenue sharing plan.
I'm not familiar with the SEC revenue sharing plan, but I believe it is more equitable than the Big 12's. However, the SEC contract isn't that old -- they just signed it a year ago with ESPN. I believe it locks them in for 15 years and severely limits their ability to market to third parties, including the creation of a legitimate "SEC Network" with equity ownership. Splitting the pie in the SEC simply makes the pieces get smaller. Because of the Big 10's equity stake in the Big 10 Network, adding parties can grow the pie as well.
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The Texas legislature is a good point but if the Big 12 really starts to crumble Texas may not have a choice and basically make an argument that if they don't get to join another conference without A&M that they'll be left behind in the new world of college football.
I think Texas is the one school that could plausibly go independent, given their massive fanbase, success across sports, and control of key markets all by themselves. They are creating an independent sports network in the Big 10 Network mold just for their school. Where that leaves A&M is anyone's guess, but if certain dominoes start to fall, I wouldn't be surprised to see a rump Big Eight (Southwest Conference?) consisting of the Texas Schools, the Oklahoma schools, and the Kansas schools with inequal revenue sharing and the terms pretty much dictated by Texas and Oklahoma.