Obviously, Texas and ND are the big prizes out there. They have both indicated publicly that they'd prefer the status quo. But they also both realize that if dominoes start falling, they may have to make a move.
If I were Delany, I'd be doing this:
Decide that the league is going to 16. Accept 3 of these teams: Rutgers/Syracuse/Mizzou/Nebraska, and announce it publicly, but say that the Big Ten isn't yet done expanding. Tell Texas and ND that there are 2 spots left, but that they have 30 days to decide if they want to be a part of the new Big-16 (and trademark that name now, before it gets grabbed). Otherwise the last 2 spots will go to Pitt and the other team from the 4 mentioned above.
From ND's perspective, they're looking at a Big East that would be down to 5 football teams if ND doesn't join the Big 10/16. And the ACC/SEC/Big 12-remnants would be looking to pick off what was left in order to help themselves survive and grow. The Big East could be doomed, and ND's other sports need to go somewhere.
From Texas's standpoint, if they turn it down, they'd be in a Big 12 that's lost Nebraska and Mizzou, and may well lose Colorado to the Pac 10. So Texas can decide to either join the Pac 10 (more travel and everything is 2 time zones apart), join the SEC (academics and culture differences make this somewhat of a problem), or try to stay in the Big 12 and salvage it by adding TCU, Houston, SMU, etc.
I think the eventual expansion to 16 is bound to happen. Why not make it happen right away, and use the timing as the best chance to try to sway Texas and ND into the fold?
And if the Big 16 ends up with Mizzou/Nebraska/Pitt/Syracuse/Rutgers - I could still live with that.
p.s. - If this strategy works for either Texas or ND, Mr. Delany, just pay me whatever the Big East ends up paying Tagliabue.