I have been saying this all along. Everyone has been talking about 4 16-team "superconferences," but that assumes that BOTH the Big East AND the Big XII would have to be entirely disbanded, and 4 (by my calculations) exisiting BCS schools will be completely left out. Both the Big East and the Big XII are going to fight to preserve themselves, and legally speaking, I don't see how if they each shore themselves up with additional teams (which they are going to try and do) they can leaglly be kicked out --- at least not right now. I also think a lawsuit by a current "have" left out is more likely and probably more legally sound than the oft-threatened antitrust suit by one or more of the never-have-been-BCS schools.
More likely is 5 "superconferences" Pac-16, SEC, ACC, Big-10-12-16, and whichever conference between the Big East and the Big XII is able to get the others (I personally think the Big XII is more likely, with the remaining Big East schools opting for basketball only) meaning 80 BCS teams. This means ADDING to the current 68 BCS schools, not subtracting. And this even can preserve the current bowl system, with 5 conference winners and 5 at large berths, for the 5 BC bowl games (including the nat'l championship game). Our odds don't look so bad under a 5 superconference scenario. Can you name 12 current non-BCS schools that look more attractive than SMU? Boise, Houston, UCF, BYU, Air Force, Navy, Army,? Memphis?, New Mexico?, Fresno?, Tulsa?, who else?
And a conference with KU, K State, Mizzou, Iowa State, Baylor, Louisville, Cinci, West Virginia, South Florida, and TCU starts to look as much like a BCS conference as the ACC, with KU, Mizzou, Cinci, TCU, and West Virginia all bringing BCS points. So you add 2 to get to 12, or 6 to get to 16, and that could include Boise, both with BCS points, BYU, plus 4 more. An SMU/TCU tandem brings more of the DFW market than just one or the other). And if WVU and another couple of orphans are picked off by the SEC to get to 16, there's even more room in this 5th "superconference."
Anyway, I'm still not overly optimistic about where SMU ends up, but everyone keeps talking about 4 superconferences without explaining how you get it DOWN to 4 instead of 5.