Sigh. There weren’t more qualified schools. Go back to 1994 and the previous 10-15-20 years. Objectively based on attendance and record BU was arguably third at the time in SWC to UT and A&M. Arguably bc TTech had slightly better attendance and fourth or fifth if you include Arkansas. UH and SMU had some flash-in-the-pan seasons and UH had a heisman. But it wasn’t about the objective metrics. The then Lt Gov Bob Bullock (grew up in Hillsboro just north of Waco, undergrad at TTech, law school at BU) threatened the Permanent University Fund (oil and gas money from TX land that goes to UT and A&M but not other state schools like Tech or UH) and sure enough Tech and BU were included. Had a TCU grad not been ousted on corruption a year before the outcome might have been different. But BU was about the size of TCU, SMU, and Rice combined, and UH was much more of a commuter school back then than it is now.
PS go Buffs. Just giving an explanation.
That is the Baylor perspective.
As someone who was at SMU at the time the story went that UT and aTm were leaving for the Big8. Then governor Ann Richards, a Baylor grad, made it so more teams had to join, and one had to be Baylor. SMU recognized they were in a tough spot, but are not fans of how BU found a landing spot. The same feelings are shared by Rice, Houston, and TCU. They will all gladly stab BU in the back if it helps them move up.
I don't think Knebraska has any issues with BU, and the ACC would like to have a link into Texas as well. Those are probably the best hope BU has in terms of joining another Conference. UT and aTm will not bring them along a second time. CU, Utah, and Cal will not let BU join the PAC.
The BigXII could try and add schools in and try to stay P5. You would probably need BYU and Boise St to have any hope. Maybe also adding Cincinnati and Memphis as well to get back up to 12.
I left off SMU and Houston even though they would work, in order to survive the BigXII will have to expand outside of Texas.