Tceh+TCU+Baylor is probably a political move. If no P4 bites, then they can tell the politicians, "Hey, we tried." Doesn't stop them from later shopping around or accepting lone offers.
Likely a non-starter for the Pac (unless Fox/USC is/are really pushing this for some reason) and B1G, but in theory has a shot at working with the ACC. Last week the previous ESPN president, John Skipper, said that while basketball is only about 20% of a school's value, in the ACC it's more like 35%. So Baylor's title and recent bball history might save them. I wouldn't predict it, but possible. But in that scenario does the ACC really need TCU?
OTOH, Skipper also said the ACC is concerned about saving spot 16 for ND. Which makes no sense to me, why is 16 a magical number that no conference might go beyond? Obviously if the B1G raids the best of the Pac, they aren't taking just 2 (non-football travel too painful if you don't have enough schools for a west coast division/pod/commune). I have a hard time believing any conference would ever turn down ND. And I'm skeptical that we'll ever end up with a tidy 4x16.