They have 10 schools now and make it works for every other sport. Adding 2 only for football does nothing to change that dynamic. And it limits costs for travel with the Olympic sports.
The pros are it allows 2 6 teams divisions, it allows then to go to an 8-game conference slate, like hte SEC does so successfully, and it allows them to hold a conference title game each year. The 8 game conference slate also can allow for more wins in league, where a 9-game slate is a net neutral to the conference.
As I said before, it is the reverse of the Notre Dame does with the ACC, and they make that work.