I'm pretty sure we can dismiss Dave Wannstadt's words as a third hand misinterpretation. After the Alliance news it kind of puts to bed the Big Ten or ACC expanding. Some doubt remains with the PAC 12, soon to be cleared up.
Assuming that the PAC 12, Big Ten, and ACC make no moves to expand anytime in the future where does that leave the remaining members of the Big 12? The choice comes down to remain together and add new members or go separate ways. If any of the remaining eight decide to seek a new conference then most likely the conference is finished.
So what are the options when your choices are: MWC, AAC, CUSA, MAC, SBC? The group of five. Conference USA and the Sun Belt conferences are not good options for any of the remaining 8. CUSA with 14 teams is unattractive and the Sun Belt isn't a good fit for any of the remaining members. This where it could get real nasty. What happens when MAC, AAC, and MWC expand collectively by less than 8 memberships?
Currently there are 12 members in the MWC, 11 in the AAC, and 12 in the MAC. The MWC is not a fit for ISU or W VA. For ISU it comes down to the AAC and the MAC, with the AAC the best option. For WV the only real option is the AAC. It is why WV will be the first to bolt the Big 12 for the AAC.
It is apparent the AAC is in the best position to expand by 1, 3 or 5. There are already two members from Texas and one from Oklahoma in the AAC. If you add members from states not presently represented that narrows the candidates to Kansas, Iowa, and W VA. Iowa's population is 3.2M, W Va 2M and Kansas 2.9M. It would be an inducement over adding more Texas members. If it expanded to 16 teams it would appear that these five teams would be candidates the AAC would entertain: ISU, Kansas, W Va, Oklahoma State, and one of TCU, Baylor, or Texas Tech.
The Mountain West Conference is the second best conference option after the AAC. It would be a geographic fit for everyone but Iowa State and West Virginia. The problem is that it has 12 members and if it added 2 members someone is getting left out. It appears candidates would be KSU, Baylor, TCU, and TxTech for two spots.
For Iowa State it really comes down to the AAC or the MAC. The AAC is the most attractive option as it has the most potential as a conference and academically a better fit than all the other conferences. Geographically it fits in, although the MAC is a fit geographically. ISU and W Va have the same problems. If the AAC only adds 1 member to get to 12 most likely it would take W VA because of past athletic success. ISU future really depends on degree the group of 5 conferences are willing to expand. There is a risk that they could be left out as a member of a group of 5 conference. It is not likely the B12 can hang together and expand.