Correct me if I'm wrong, but the Big 12 is an Athletic Conference. It's not an academic association. While great academics adds to an appeal of a school, ultimately, they have to have the athletic chops to fit in the Big 12. Rice, and Tulane do not really fit with the Big 12; they will never push athletics enough to complete.
Kansas may suck at football, which is where most of the money is, but they are the undeniable banner holder during basketball season. That national prestige is worth their continued existence in the Big 12.
If we tossed Baylor, it has to be for a school that can already be basically competitive. TCU and WV didn't spend a decade trying to catch up; they just dropped in and were competitive. That really eliminates the Texas States and UTSA or the world. Put them in the Big 12 now, and it would take 10 years for them to have the facilities and programs to complete.
So who is's out there?
Forget about all teams from the BIG, PAC, or SEC? No chance.
A mid-level team from the ACC? Like Pitt? or UV? maybe, but most have unbreakable basketball ties. Does anyone really want an east coast school? (other than WVU)
An Indy? BYU - No, just No. We don't need to add a prima donna. Notre Dame? No chance, and a bigger prima donna.
An upper level American Athletic Conference team? This is probably the only real option: UCF, South Florida, Houston, Cincinnati, or Memphis. Houston might be a good replacement fit for the Big 12, but it's not great for Texas. Don't kid yourself, putting another big state state school on the Big Stage would allow them to compete for recruits far beyond what a small private Baptist school could.
Quite frankly, I'd rather keep Baylor.