Right now, it is likely that the Pac-10 will become the Pac-16, with the original eight schools (Washington, Washington State, Oregon, Oregon State, Stanford, Cal, UCLA and USC) being the Pac-16 West, and Arizona and Arizona State being moved to the East along with newcomers Oklahoma, Oklahoma State, Colorado, Texas, Texas A&M and Texas Tech.
A lot of people from Pac-10 schools are pleased about this -- namely the prestige and money the schools will get for expanding -- but some of us are a little freaked out by the prospect of having such heavyweights as Oklahoma (who crushed us in our last Rose Bowl) and Texas in the conference.
In any outcome, the Big 12 is in trouble if all of these schools bolt. The Big 10 is a very solid conference with a huge TV contract. Nebraska is fleeing to the Big 10 (which started all of this ruckus) and they're also trying to get Notre Dame, which seems near-impossible. I can't imagine them giving up their special status as not being in a conference but still being a BCS school.