If the above is true, then we can't be that far away from things getting started. Maybe end of the month. All it takes is one, then negotiations are nuked and the damn breaks. You can't sell a product if you don't know what that product is going to be. They don't even have to be accepted into the big 12. Just an official application will be enough.
So here are my thoughts on how it will go. CU or UA will be the first to start it and the other follows a day or two later. Utah and ASU take slightly longer to apply as they aren't as far along in the process internally.
Oregon and Washington make a last desperate plea for the B1G. I don't think they will get in, but I really don't know. I'm guessing 25% chance of B1G, but if not I think they will put in official applications to the Big 12 a week or two later.
Oregon St and Wazzu will immediately try to apply to the Big 12, but I don't they will even be allowed an official application.
Finally, we will get to see where Cal and Stanford really stand. My gut says they will crack and apply as well, but the evidence suggests otherwise. So I'll say they go down with the ship.
The Big wildcard is the ACC. I think they are too unstable right now to be any kind of player. I can't see them being unified enough to make any decision, but who knows.
So under this scenario what will the Big 12 do? I would think we wouldn't want more than 4. Take Oregon and Washington as long as they come unconditionally and know there will be no favoritism. They can leave if they want when the grant of rights is up like everyone else. After that it is probably UA and CU. If the Cali schools break, take Stanford only. Not sure if UA or CU would be better for the final piece.