This just gets better and better. The schools could claim damages if their TV contract was voided or reduced. However, the B12 has an obligation to attempt to mitigate those damages. If replacing aTm with oh, say, Houston doesn't affect the TV contract, then there are no damages.
If the B12 does nothing and the TV contract is reduced, then Baylor, ISU, and KSU could sue the B12 for failure to act to mitigate their damages. At which time, OU, Texas, Texas Tech, and OSU scurry off to the PAC 10.The SEC has authorized their president to explore the possibility of inviting Missouri. Then there is no B12 and you can't sue something that no longer exists.
Baylor, ISU, and KSU just became poison to BCS FB. Their possibility of finding a conference in the realignment just took a major hit. No one is going to want the schools that yelled, "we'll sue if you try to take away our gravy train". It would be different if those schools were revenue providers to the league, but they're not. They're revenue absorbers.
I think the rest of the B12 should sue KSU for hiring Ron Prince as their FB coach a few years back. Prince took KSU on a nosedive into the abyss. That certainly hurt the B12's ability to negotiate a TV contract. That probably cost the B12 $100 mill or so in negotiating the current contract. So, everybody, sue KSU. Maybe they can all sue each other into oblivion.