Sounds like Bowlsby and the leftovers are totally flatfooted. They need to go
on the offensive right now or the Big 12 is done, obviously. Kudos to the AAC commissioner--he is swinging for the fences, has a vision, and was clearly ready to be aggressive. Big 12 still has the name and its teams are still in our psyche as P5 teams, but that is going to erode fast if Bowlsby and the presidents just sit back and stew over how unfair life is. A good businessman strikes now, regains momentum, etc.
My advice is the response right now has to be big. You can't replace Texas and Oklahoma with two of BYU, UCF, Memphis, or Cincinnati. That is admitting a loss and settling for a step down.
I think right now you invite all four of those teams, plus Boise, Houston, SMU, and South Florida. Go 16 now, make a splash, change it up. No, it isn't perfect and it isn't worth as much, but it has potential and shows action toward the future.