I think the conference is more likely to collapse, but if is to continue to exist, this is their best shot. BYU and Cincinnati finished at #11 and #8 last year. UCF has been ranked 3 out of the past 4 years including a 13-0 season in 2017 and a 12-1 season in 2018.
If the new Big 12 can produce a top 10 team and 3-4 ranked ones, it may even stay a power conference. The will need to get a team into the semifinals soon though.