Quoted from the Gonzaga board:
Matt Norlander
@MattNorlander
Made some calls on Gonzaga/Big 12. The biggest reason this is now A Thing again: Brett Yormark—who is 100% driving this—is seeking the most loaded basketball league imaginable so he can take the Big 12 to market at the end of the decade and have separate media deals for football and basketball.
Yormark still has pushback and caution from some Big 12 presidents and ADs. (There are also some who are all-in on the move and support it.) Yormark is trying to get this done ASAP but the feeling amongst some is: Gonzaga probably isn't going anywhere, why not wait a few years?
Huge financial questions—the stuff that matters most to people running athletic departments and universities—are still not answered re: adding the Four Corner schools that will officially join next year. The ESPN and Fox deals for the 16-team Big 12 are still being ironed out.
From what I've been told, Big 12 leaders had a laundry list of Qs for Yormark last week and tasked him to bring back those to Gonzaga. With that, I think there's still some terms/negotiating points that Gonzaga might not be thrilled with that could cause it to pause and evaluate.
Big 12 needs 75% yes vote to clear Gonzaga. That doesn't exist right now. If a vote happened before June 30, 2024, nine out of 12 would have to be yeas. (No votes for OU, UT.) Four Corner schools have a voice but don't have a vote until 7.1.24 — then it has to be 12 out of 16.
This has to be vetted again at AD level before it gets to the presidents. My read: It seems a long shot to get a vote in favor of GU in near-future. One source said it would be “a grievous error to push this through right now.” Another: "It makes no sense to do this right now."
Smoke, but no fire yet, perhaps.
One aspect of this is the same as the Big East's attitude towards expansion as it relates to existing bball-only schools: they have nowhere else to go right now, so leave them be.