I looked at a bunch of numbers awhile back just to see how each school kind of stacks up with the others in the Big 12. Not just in athletics, but in student enrollment, endowment, and other things. The one thing that immediately jumped out at me is that even without TX/OU the remaining Big 12 schools are still mostly large state schools. KU, KSU, ISU, TT, and oSu each have endowments in the billions, enrollment of 20-30,000, and are well represented academically. Baylor and TCU are large private schools and prestigious in their own right. Heck, BU just won the NCAA championship and neither A&M or UT have ever done that.
UH compares very well with the other schools IMO. Enrollment of 30K+, endowment over $1 billion.
Cincinnati compares very well. Enrollment of 40K+, endowment over $1 billion.
UCF does not compare favorably. The enrollment is high, 70K+, but the endowment is weak IMO. It may just be because it's still a "new" school in that it was formed in the 60's. Most other schools were formed in the late 1800's, so understandable. I'm not sure if they actually have that large of a student body or if maybe they have a lot of on-line students or satellite campuses. It's obvious they are up-and-coming. It might not be a bad idea, Florida has plenty of growth left, and with 70K students it obviously has a lot of potential fan-base.
BYU is really a jewel. About 30K+ students, fans all over the world. Almost $2 billion endowment. They won a MNC in the 80's and have had some really good history with Heisman winners and such.
All the other schools that were being tossed around don't even come close to these 4 if you look at these factors that I think are often over-looked.