They don't really want to leave the Big 12. If they went to the SEC or B1G they wouldn't have the same position of authority that they currently hold in the Big 12. If they were in either of those conferences they would be relegated to 2nd tier in the conference pecking order behind other powerhouses Bama, LSU, tOSU, Michigan, etc, etc. They also likely wouldn't receive a full share of revenue for several years after joining a new conference.

They may be exploring their options, but it's likely nothing more than a power play to get Texas to capitulate to some of their demands, vis a vis the LHN, long-term stability and conference expansion. They know that Texas and everyone else in the conference knows the Big 12 brand will be severely damaged if OU bolts.

I really don't see it happening. OU and Boren are using their position to leverage Texas and other Big 12 schools to concede to their demands in order to ensure the long-term survival of the conference and so they can continue to enjoy their position of authority.