We all know that ESPN wants Texas and Oklahoma to the SEC as soon as possible, right? And that they wouldn't really mind if the Big 12 ceased to exist, especially if it let those programs leave earlier.

So there's some danger they could kick a little bit of extra money to the PAC12...under the instruction/understanding that the PAC12 take 4 teams from the Big 12. And that higher PAC12 contract value is then enough to pull a few teams, particularly combined with the higher historical prestige of the PAC12.

So let's say Oklahoma St, Texas Tech, TCU and Kansas St agree to take the higher check and go to the PAC14...(I think BYU would be a stronger program, but they aren't included here for a specific reason). At that point, everyone in the Big 12 can leave without any buyout or fee*.

*Technically, 75% of the conference is required to waive the GOR. Which would be 8/10 (realizing that BYU, Cincy, UCF, Houston aren't yet technically official voting members). However a simple majority (6/10) is enough to settle any litigation. So if 6 teams (Texas, Oklahoma, Oklahoma St, Texas Tech, TCU, Kansas St) left, they could simply choose not to pay any penalties. And the majority of the "Big 12" (6/10) would agree that those teams leaving don't require payment

From https://www.ourdailybears.com/2021/7/21/22587964/why-i-think-the-big-12-is-going-to-collapse-and-how-baylor-should-position-itself-bears-sic-em

"A majority of the conference can vote to settle litigation. Bylaw 1.5.2(a)(6). Dissolution requires 75% (8 votes). See 1.5.2(b). That means six Big 12 schools (a majority) could leave the conference, sue, say “We owe nothing and the league is dissolved.” Then those six members could say, “We agree with the lawsuit filed by those six, and therefore, we concede the lawsuit.” So really I think you’re looking at six votes being sufficient to stop the Grant of Rights payments, not eight."