There's a lotta talk about this issue in my parts. They idea is that they want a conference championship game because the Big 10 is idle for like three weeks before most other conferences. Also because it's a money maker and hopefully will enhance the conference champ.
I don't like the idea because I'm against any kind of change whatsover unless it's changing BACK to the way things are supposed to be. Another team makes it even longer for each school to play some of the other schools. For example Michigan plays Notre Dame more then several Big 10 schools, that are supposed to be in their conference! It would also mess up the rival games that are so important to college football. UM plays Ohio State, Michigan State, and Penn State, every year, with the UM/OSU game the final one of the season. Granted lately that game hasn't meant much but for several decades it was THE GAME and with a conference championship it would mean a lot less.
Still I think it will go through, because as always its all about the money.
Candidates are Notre Dame-the most obvious, a good academic and geographic, as well as football/basketball match. Notre Dame already plays several Big Ten teams each year, Purdue, Indiana, MSU and UM (they have a 20 year contract!). Notre Dame has refused to join before because they have had a lucrative contract in which they get ALL of the money for BCS bowl appearances (instead of splitting it up with the conference like the other Big Ten teams do). However I think that they get a reduced amount now, although they still get a big chunk of money for their TV contract.
Notre Dame is at a low ebb now and if they think they won't get the big $$$$ at the next contract they might join, but with a new coach coming in the Irish faithfull will probably be drinking the green kool-aid for another cycle.
Next most likely is Pitt. Pitt is a good fit, they are actually closer to the rest of the Big ten then Penn State. They are a good academic school with decent football/basketball.
Syracuse has been talked about for years. Syracuse has been down a bit but still is a fairly decent geographic/academic/athletic fit.
Cincinnati is high on the list now with their recent great season. Their basketball has also been good. I hear the big sticking point is that OSU doesn't want someone that close to them pimping their action.
Missouri is considered a front runner. Missouri would fit in with Iowa and the Illionis schools as a good rival. Missouri is popular because it has two big markets all to itself, St. Louis and Kansas City. Missouri may not want to move to the Big 10 but with the Big ten down and them probably getting the weaker western teams as division rivals they might be lured.
I see Jack Lambert mentioned CMU which I have been saying to people but I have not heard that from anyone else. CMU may not be big enough. I think picking off one of the MAC teams is a good idea but it will always be about the money.