Nothing against Iowa State, but if the situations were reversed your admin would be doing the same thing -- exploring whatever options were best for Iowa State. It sucks that your school is put in this position, but this thread hasn't fallen off the first page in a decade for a reason. Even though nobody knew how it was going to happen or where schools would end up, we all knew the Big 12/CFB musical chairs weren't over -- only delayed. I really don't understand why every fanbase and former SWC/Big 8 alumnus feels it's always Texas's job to save every conference they're in and protect the other programs at their own expense when we haven't been the first ones to cut and run in either the SWC or Big 12.
The very worst case scenario for Iowa State is likely a mix of the other Big 12 schools and top AAC schools either forming a new conference or those AAC schools being absorbed into the Big 12. It would likely still be an upgrade over the current PAC and their recent troubles, even if it doesn't have the historical prestige. Best case scenario, maybe you wind up in a Big 10 division with Iowa, Nebraska, and Kansas. I know it sucks, but it's not the end of college football for Iowa State.
If I had my way, power conferences would still look like they did when the BCS was established. At the time I didn't think it got any better than the original Big 12, and the BCS conferences in general were much more balanced before Miami bolted from the Big East and the Big 10 and SEC got too big. But money has fucked up college football, and you can't turn back time.