As usual, you ASS-ume... and are wrong. The Big East was about basketball when we missed our chance and everyone knows where our program was then (and kind of still is).
As for the Big12, we won the Fiesta Bowl and the B12 stated no available school brought anything benefit to the conference. Thus, it isn't about winning games. We won back to back AAC championships and the B12 was not interested. Not even Boise St was an option and look at their sports success.
TV sets are the major driving factor as has always been stated. Networks aren't willing to pay enough for us. B12 schools have repeatedly stated they will not take a pay cut to bring in a school. Yes, I understand the whole money matching clause in the contract. But what happens when that contract runs out?
Endowment (ours sucks) and education (ours is nothing spectacular) are major driving factors also.