My take:
Big Ten:
Nebraska (inevitable)
Missouri (inevitable)
Rutgers...Rutgers adds the NY market...do not say that shouldn't matter because this is a business, and the extra revenue brought in from adding the #1 market in the country out-trumps virtually anything else. The ONLY reason Rutgers does not get added, is if Notre Dame wants to make the move. I see the arrogance of being an independent, the NBC contract (hello, Big Ten Network???), and the "tradition" involved in that as evidence that Notre Dame will not join.
Pac 10:
Oklahoma
Oklahoma State
Texas A&M
Texas Tech
Baylor
Colorado
The Big 12 South schools make the exodus to the Pac 10, sans Texas. Why would they continue to be a part of a conference with the uber-arrogant Longhorns? No revenue sharing, IN A CONFERENCE?!?! That is ridiculous..get out, and get out now. The Pac 10 would instantly become the most exciting conference in the country...ratings would boom, the Pac 10 Network would boom, and Texas could do their own thing. Which leads me to...
Texas:
Independent. I truly think this is a possibility. Like mentioned before, Texas is not coming to the Big Ten. Texas does not need the Big Ten, the Big Ten does not want Texas. They will try to overrun that conference like they did the Big 12, and the Big Ten "people" want no part of that. Campus is located in the third most recession proof city in the country, Austin. They have a huge following all over Texas and central America. There is enough recruits in that area to fill up a small conference...Texas could clean those recruits up. Not to mention, they could get tricky with their scheduling and really add some intriguing games. I like this move by Texas. That being said, it is only a short term solution. Eventually (You hearing me Notre Dame?) they are going to have to pick a conference.
Remaining Big Twelve schools:
Kansas
Kansas State
Iowa State
merge with the MWC + Boise State to form the 6th BCS conference..hell, just call it the Big Twelve again. There are nine teams in the MWC..you add Boise, put Colorado State in the WAC, and add Kansas, KSU, and Iowa State to form a 12 member conference that instantly becomes the 4th best football conference in the country behind SEC, Pac 10, and the Big Ten.
I just wrote a fifteen page paper about this, so criticisms are wanted/needed