What we know:

Insiders on this board had a very good idea that expansion was happening before the vote in July. These same insiders thought BYU was a lock if it happened. They also thought Cincy was being invited.
All of the information points to BYU being far and away the best candidate, unless geography is a huge issue which the Big 12 said it wasn't.
Some gay and lesbian individuals and groups have advocated against BYU. I don't believe it has been loud, but it out there.
Fox executives seem against the Big 12 expanding at all. Why? I could speculate a number of reasons, but dilutive is the word being thrown around.
It would be a massive mistake for BYUtv to cover a press conference that is extremely disappointing for BYU. Why? BYUtv is not in the business of covering press conferences, why this one, why now?
99% of the media doesn't know anything. Speculation has been rampant, contradictory and just plain crazy at times.

How defunct is the Big 12? We will find out later? If they went through all of this not to expand or announce something positive for the conference then they have made a grave mistake.