Aresco said that they were going take several Big 12 teams earlier this week. Now, that this is out and the Big 12 united and fought back. The AAC will probably lose its best 3-5 teams to the Big 12 and become worse than the MWC, maybe on par with the Sun Belt.
ESPN will do what it always does. They will pay out the rest of the contract and when the conference rights are up again they will bid again and likely win the bid.
The Big 12 will be fine in the end, just a little less money per school. ESPN will be great as always. The AAC will be a footnote to time.