According to sources leaking through multiple reports, the Big 12 plans to offer the following four schools an invite to join the league and increase its membership back to 12: Cincinnati Bearcats, Houston Cougars, BYU Cougars, and UCF Knights. The four schools are a response to the departure of Oklahoma and Texas to the SEC, which rocked the college football world earlier this summer.
Three of the teams - Cincinnati, Houston and UCF - are currently in the American Conference and are required to give a 27 month notice and pay a $10 million exit fee, though the terms are negotiable according to AAC commissioner Mike Aresco. BYU is currently operating as an independent football team and could join immediately.
Texas and Oklahoma are required to give at least 18 months notice to leave the conference and must forfeit two years of revenue - estimated at $40 million each per school. This money would be given to the league for distribution as it sees fit. Texas and Oklahoma could be allowed to leave sooner if agreed to by the remaining 8 schools in conference.
The current pay gap between the four proposed schools and the Big 12 is around $30 million dollars, though the valuation of the Big 12 without Texas and Oklahoma is likely much less. Reports have suggested that Texas and Oklahoma made up about 20% each of the value of the league, removing 40% of the leagues value to TV providers. New estimates suggest the league would be worth $20 million per team.