I'll refer you to my (and other people's) comments in the
Thought provoking article on the horizon for the BigXII and possible growth thread.
But short answer? Probably not right now unless there's some weird, shocking, out of nowhere scenario that comes up that leads other current power-5 teams to decide they're looking around (and have a way out of their current media contracts).
I'm not so much against it as I'm not sure that the pros outweigh the cons with most of the current candidates, and more of the scenarios I see happening with expansion (where the revenue situation doesn't go exactly perfect, which is what would have to happen to actually increase revenue per school, not decrease it... and where the strength of a conference that is already trying to fight against perceptions and biases being viewed as further diluted) are such a perfect balancing act, that I see them leading to the Big 12 being a less desirable home as many times as I see it improving things. If any of the talked about power-5 teams ever are looking around, we need to swoop (like we should have back with FSU, Clemson, and others). But for expansion with non-power-5 candidatest to work money-wise it seems like you'd need to take at least 4 schools from populous states and hope that the cable deal overlooks that, for example, Memphis or Cincy or USF or UCF may or may not actually be a big enough draw for a network for the entire state (while I suppose UConn might be fairly likely to deliver Connecticut). And for expansion to work respect-wise, it seems like you'd have to go with something like BYU and Houston... which would be a horrible plan money-wise (particularly Houston). I have trouble finding a scenario where you improve the conference both financially and when it comes to respect, and while ANY of these scenarios might fix themselves over a long run, they're equally (or more?) likely to decrease revenue per school, or (at least in a world where perception matters more than actual facts when it comes to playoffs and bowls) dilute the strength of the conference more... making it more likely for the teams that CAN bolt to other conferences to do so when the opportunity arises.
The time to act quickly and overlook the possible consequences was back when the ACC looked vulnerable, not now when we might make our own conference more vulnerable.