It should be entertaining, if nothing else. Once any one of the "Big 3" conferences moves above the current 12-school level, they're all going to go. I'd expect that the ACC, after taking a hit, would try to follow and both the Big 12 & Big East would wind up as smokin' holes in the ground.
12 made a dash last year for 16, but came up short. It appears that they're talking again http://espn.go.com/college-sports/story/_/id/6927204/pac-16-oklahoma-sooners-texas-longhorns-being-discussed-source-says
. Interesting tidbit from the article that I hadn't heard before: "On Friday, Oklahoma president David Boren confirmed multiple conferences have shown interest in the Sooners and he expects to decide whether to leave the Big 12 or not within the next three weeks.
". Any conference in the country would love to have the Sooners.