Expansion is all about money, and television sets . . . . with a 90% focus on football, as that's what the people watching T.V.'s watch predominately.
So, it is extremely likely that expansion will occur into a state/area outside of the current SEC footprint. North Carolina, Virginia and Oklahoma seem the most likely places, and North Carolina brings the most T.V.'s. When thinking about it, forget roundball, and remember that (for most counter-intuitively) football is the bigger cash cow even in states like North Carolina and Kentucky.
I have always believed that the choices break down as follows, both by profit and preference:
(1) North Carolina and either Duke or N.C. State.
(2) Virginia and Virginia Tech.
(3) Oklahoma and Oklahoma State.
Of course, one can easily argue that we can split . . . . and get two states.
Maybe we can pull off another A @ M deal . . . . we don't need Texas U. to get access to Texas, as we have A @ M, and many Texas fans likely watch A @ M to see if they lose.
Perhaps, then we get North Carolina and Virginia Tech, adding two states and not having to deal with Duke/NC State and/or Virginia.
Two things are pretty darn certain at this point: (1) The SEC is the bull in the china shop . . . . if you ever hear that the schools being discussed have no interest in joining, don't believe the report. Most (I would suspect ALL) would give their eye teeth to get into the conference that is already the GOAT, and will simply become GOATIER.
(2) Schools from within a state that is already in the conference, are out. Why add a Texas, Louisville, Clemson or Florida State, when we already have the state's TV market. It will not be done.
In short, the rich will get richer, and we are very fortunate to be affiliated with the SEC.