Biggest reason I believe they are against expansion is the money. Right now each team splits a pot and that pot is among 10 teams. If two teams were added, then there would be less for each team. The only way to alleviate that would be to bring in two teams that added a lot of money (i.e Florida state, clemson, maybe Louisville), but since those teams are unrealistic and pipe dreams at best, the next options are cincy, memphis, boise, BYU, and again those won't add as much to the conference in terms of revenue. When bring new teams into a conference, you want them to add something back. For SEC, A&M opened up Texas as a recruiting trail. Rutgers added the NY market to the Big Ten, etc. The Big 12 would want teams that add something to the conference to make the hit of splitting the pot among more teams less painful.
This is all mostly my opinion of course lol, I won't pretend to know that much about CFB conferences.
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