Well, here it is:
Another issue is in play with these college football changes. Will the new Big 12 still be a Power Five conference? Former Big 12 Commissioner, Chuck Neinas recently said, I’m confident the Big 12 is going to retain Power Five status
The Power Five distinction is a well-known dividing line in college football. To an extent, it separates the ‘haves’ from the ‘have nots.’ Technically, the NCAA does not distinguish between Power Five conferences and Group of Five conferences. Instead, in 2014, the NCAA granted what is called the Power Five specified autonomy. That autonomy was defined as,
(SEC, ACC, Big Ten, Big 12 and Pac 12 schools) are granted autonomy in the following areas to permit the use of resources to advance the legitimate educational or athletics-related needs of student-athletes and for legislative changes that will otherwise enhance student-athlete well-being
Another few hundred words went into the details, but basically, it gave Power Five member institutions more control over themselves and allowed them to spend more money on their athletes than many ‘other’ schools could afford to spend. It also allowed for other changes to be made by the Power Fives. In short, the ‘haves’ were given a degree of autonomy allowing for greater strength and stability of their ‘have’ status.
Power, once gained, is rarely ever voluntarily ceded. The Big 12 does not want to lose its ‘autonomy’ status and join five other conferences as the Group of Six.
Brand power is beyond the control of the NCAA. It is brand power that drives media deals. That reality suggests the future of college football might not include a Power Five group. It might be a Power Four, with the SEC, Big 10, ACC and Pac 12. Or it might become a Power Two, with the SEC at 16-20 teams and the Big 10 at 16-20 teams. Or it might be a Power Two with the SEC at 18-20 teams and the now loosely formed Alliance merged into a large super-Conference.
So for now, the B12 eats with the adults. Could it change? Sure, the other 4 P5 could boot the B12 if they aren't holding their own. But for now, they are P5.