I think expansion can happen, just that ESPN will control it. At least one of the rumors to come out of this, and I've seen it reported in places other than CB, is that the Big 12 and ESPN wanted BYU and were ready to invite us. Then came the whole thing with the LGBT groups and that gave them cold feet.
I suspect, if BYU can resolve it's LGBT problem the Big 12 may again move forward with expansion. ESPN will be a driving force and Fox, because they haven't bought back the pro rata clause, will be on the hook for whatever the Big 12 and ESPN decide.