If networks control a lot of realignment based on what they are willing to pay, I think FOX could make both the B1G and the remaining Big12/PAC 12 league profitable networks and satisfy the academics of the B1G. If FOX convinced the B1G and Big 12/PAC 12 to do the following.

B1G: Big 12/PAC:
USC UCLA
Stanford CAL
ASU AZ
Wash WSU
Oregon Colorado (these two schools could flip)

The Big 12 also adds OSU, Utah & Nebraska(the B1G lets Neb. go)

This would give 2 18 team leagues and they would be pretty balanced and each team can play their rival as a non-conference or as part of a scheduling arrangement.

The B1G got the better brands but the Big 12 would be solidified and Nebraska may be real happy to come back with some old rivals and access not only to Texas again but California for recruiting. Colorado could keep their access to California in this situation as well. Both leagues can have a profitable network this way and get West Coast times for live events for each network. Yes, the PAC 12 Network and LHN need to be worked out together and blended into the new leagues deal but the PAC 12 is not working that well and Texas may prefer the stability of the league and be willing to give up its LHN. I could see this especially if they ever got A&M to come back and shut the SEC out of Texas.

Then if I am the B1G I give ND one last call and this is your last chance, even if it takes a few years to come. ND would have USC & Stanford in the same league as well as Mich & MSU. Then they set up an annual game with Texas which I am sure Texas would be happy to accommodate and that's hard to turn down. ND has games in California and Texas each year. If ND comes the B1G probably tries to bring pry away Virginia or picks up UCONN. OR and I'm not saying it would work but the Big 12 driven by FOX picks up the phone and says to Texas AM, is this really working out? Would you like to come back to shut Texas off to ESPN completely. Missouri at this point would probably really like to come to either league as well.

In this scenario I think either the B1G or the Big 12/Pac could rival for being the best league overall football wise each year. It also leaves no great future options for ESPN if they are trying to make both the SEC & ACC viable, especially if ND ever left.