I'm wondering if it will affect the play-off expansion debate. I read somewhere that they were going to not release SEC expansion information until after the playoff debate. That screams to me that they thought it might. The Big 12 was one of the bigger proponents of the expanded play-offs. They're now looking at things differently. It was the 6 highest rated conference champs and six at large. With no limit to the number of teams one conference could send to the play-off. The Big 12 was always expected to have someone be in. Most years two. If Texas ever righted the ship possibly three. Now, it looks like one at most. I went back the last 6 years and looked at the highest ranked team not Oklahoma or Texas (really just Oklahoma, Texas has been awful). Below are the highest ranked teams. They still get in because of the conference championship, but only one. Some years they were very close to being left out. I'm sure the Big 12 commissioner when arguing was sure Texas would one day right the ship and the Big 12 would have at a minimum two teams in. Without Texas and Oklahoma they're barely better than the AAC. I would expect their conference to take a major hit once the current contract goes away and they're getting paid for what they're providing and not a higher number based on having 12 teams.
Below are the rankings at week 14 before the bowls, NOT end of the year rankings.
2020 Iowa State 10 (Oklahoma 6)
2019 Baylor at 7 (Oklahoma 4)
2018 Iowa State 24 (Oklahoma 4)
2017 TCU at15 (Oklahoma 2)
2016 TCU at12 (Oklahoma 7)
2015 TCU at 11 (Oklahoma 4)
There are now four Power conferences, really three with the PAC, Big 12 and AAC all now being on the same level. If I were the commissioner of the ACC, PAC 12, AAC and now Big 12, I would push to set a maximum on the number of teams a conference could get into the play-off. The chance of any of these conferences getting four or more will be never. So there isn't a down side for any of these conferences to be setting the maximum teams a conference could send to three. The chances of the Big 10 would get four teams is higher, but based on the end of the season rankings going back to 2015 they never would have. The Big 10 was getting between 2-3 teams in. The chances of the SEC getting four or more very high. ESPN would push it. You want parity limit the number of teams a conference can send. If the SEC and BIG 10 are capped at 3 teams doesn't affect the Big 10 much then that leaves an additional two spots for the other conferences/ND.