I would assume that Texas, OU, OSU, Kansas, West Virginia and one other (Kansas State?) go to the ACC.
That leaves Texas Tech, TCU, Baylor, and Iowa State. Do they grab 8-10 more and make a 12/14 team conference that still has P5 status? Greg Flugar tweeted that remaining P5 would be the bone thrown to the leftovers to keep Grants of Rights lawsuits from being filed. If so, who would they grab?
Texas Tech
TCU
Baylor
Iowa State
BYU
Cincy
Houston
Memphis
UCONN
UNM
Boise
SMU
If 14: SDSU and UNLV
If 16: UCF and ECU
East:
UCONN
Cincy
Memphis
Baylor
TCU
Iowa State
* UCF
* ECU
West:
BYU
Boise
Texas Tech
UNM
Houston
SMU
* SDSU
* UNLV
The greatest conference ever? No, but not too bad if you're guaranteed P5 and an autoberth to the CFP when it goes to 8 teams. If football drives the bus and TV is paying you to not sue on GoR grounds, you're going to be forced to take the biggest programs available in large population centers. Maybe have a CCG in the new Vegas Stadium. Basketball would be awesome, Olympic sports would be good.