I've been reading up on this like everyday for the last three weeks. Mainly because I"m concerned what will happen to Pitt if there is any other conference realignment.
1) A&M is fed up with the Big XII and Texas. Unlike last year, they definitely have the votes to move forward this year. Their BOR meet today, not to vote on whether to move or not, but to see if the president has the ok to make the move if they feel it is appropriate.
2) Rumor is (from Chip Brown, the guy that broke all of the Pac 16 stuff last year) that the SEC voted no to invite A&M mainly because they will not approach any schools to break up a conference. However, if someone approaches them, they will decide to vote on admission. This is for two main purposes: 1) to cover their asses of any lawsuits that said they are trying to destroy a conference (ala the BE trying to sue the ACC) and 2) PR, they don't want to be known as the bad guys, but if someone comes to them, they can decide. Chip brown stated that the breaks were tapped on this move so both A&M and the SEC can close any loopholes that could land them in trouble, and also so both sides can properly think and proceed through this. Brown stated that an announcement of A&M to the SEC could come in the next 3 weeks. So it isn't dead yet.
3) With that said, another reason the SEC tapped the breaks is because they need to find a 14th school if A&M does come, it doesn't have to be today, but sometime in the near future. The problem is, they don't want to raid. So they need a program that they would accept come and approach them. I think that is why you hear names thrown out there, OU, Mizzou, FSU, Clemson, VT, WVU, etc. It might be the SEC saying "hey, if you are interested, let us know". However, they have to work through a lot to cover themselves just like they have to with A&M.
4) As for the Big XII, if Mizzou or OU decide to leave, the conference is done. If they decide to stay and make it work with the 9 teams, then look for them to invite at least 1 more, and possibly 3. Rumor is the following are candidates: BYU, TCU, Louisville, Colorado State, and Houston. Louisville and TCU already stated publicly they are not interested, but that could just be cover up. Who knows.
5) If the ACC does lose a team, the rumor is the replacement will come from the BE, and it will be one of the "legacy" schools of Pitt, WVU, Cuse, Uconn or RU. People presume Syracuse, but a lot has changed in the past 8 year. Their facilities are garbage, their FB team has been crap, and their BB team hasn't done as much. And they are on the private side which the ACC has enough of already. I've read where it woudl probably come down to 1 or 3 of Pitt, WVU and/or RU. And I know people say the ACC would not invite WVU due to academics, but if they lost Clemson or FSU, this is about money and WVU fits the mold for one of the better FB fanbases/FB schools and would replace what they are losing. FSU doen'st have the best academics in the world, but they are in the ACC for this very purpose.
6) That said, if the move does take place, I think the BE is the biggest loser out of all of this. Especially if the 14th team comes from the ACC. That would mean not only would they lose a team to the ACC, but they may lose 1 or 2 to the Big XII. This at a time where it looked like the BE may be receiving a larger contract per school than the ACC.
It will be an interesting next 3 weeks. It's not a dead deal yet. I think everyone wants to step back and take a breather and think this through. However, I would expect widespread conference realignment, at least not yet. The SEC may go to 14, but unless OU wants to go to the Pac 12, I don't see any other movement other than the ACC replacing their missing piece. Now, if the SEC can convince Mizzou to come on over/if they even want them, that may kill the Big XII and set off a chain reaction.