If it happens, which I think it will, it could set off one of the biggest set of changes college football has seen in recent years. After thinking this through there are four possible teams that could join the big 10 as a member: Notre Dame, Pittsburgh, Missouri, and Iowa State. All of the previously mentioned universities all share geographic proximity to the current members of the Big 10. Notre Dame would make the easiest transition since it is not currently in a conference, and it already has rivalries with several Big 10 teams; however, I don't believe they would join due to their lucrative tv deal with NBC. Pittsburgh is a member of the AAU, like all current Big 10 members, and they had a long standing rivalry with Penn State; however, this game hasn't been played since 2000. Pittsburgh leaving the Big East would be a very huge blow to the conference and it would be joining a weaker basketball conference in the process. Missouri is also an AAU member, but it has far too many long-standing Big 12 rivalries, several of these dating to the 1800s, numbering over 100 meetings. I think the school that would make the most sense to include is Iowa State. The inclusion of Iowa State would probably meet with little resistance from the Big 12, they already have a long standing rivalry with Iowa, they wouldn't interfere with the top traditional Big 10 football programs winning the championship, and they have a wrestling team (pretty important in the Big 10).
This would then cause the Big 12 to replace Iowa State with either Arkansas or maybe TCU. With all of these conferences with championship games, the Pac 10 would be pressured to add two more teams so they could compete with other conferences. I believe these teams would be Boise State (Associate member in wrestling) and either San Jose State (Associate member in men's soccer) or Fresno State (Boise State rival).
All of these changes won't happen for a couple years, but I could see this moving college football towards a playoff system. Let me know what you guys think? Come up with your own conference and division alignments just for fun.