I don't see either option as being nearly as clear-cut as many of you do.

The virtues of 10.

1. The conference members have already expressed an intention to go to a 9 game schedule that would permit playing everyone, guarantee 5 home games every other year, and make it more difficult for schools to overload on money games. It would also strengthen interest and awareness in the other schools.
2. There is instability apparent in the Big East. The C-USA expansion looks like the Missouri Compromise, no one (except the new members) came away with what they wanted. The possibility of dramatic shifts looms. A Sun Belt with 10 has room to accomodate members if one of the leagues is left so damaged it can no longer retain automatic bids or existing contracts.
3. You avoid a conference title game which presents a 50-50 chance of your best team of the year getting knocked out of the BCS hunt.
4. You retain schedule flexibility. Depending on the year, the college season is either 14 weeks or 15 weeks. If you play a title game you have either 13 or 14 weeks to accomodate the schedule. Most of our members do not want to play Thanksgiving week. If you accomodate that you are left with 12 or 13 weeks to fit in 12 games. Our practice has been for the members to submit their non-conference games to the league office and then build the league schedule around it which creates even more scheduling issues. Throw in the specter of Tuesday games which knocks you out of playing the prior week and scheduling becomes even more difficult.
5. A title game is almost certainly going to be played on a weeknight. If you are a metro based team relying on fans within the metro area for the most part a weeknight is not that big of a problem. For schools who depend on season ticket holders an hour or two away, getting off work on a week notice is problematic. The MAC now ends its regular season on the Friday prior to the title game to reduce the impact of the weeknight title game.

The virtues of 12
1. Creates an additional event to market to television.
2. Limits travel and strengthens ties to more local teams.
3. If the Big XII expands, it would mean all 10 FBS leagues will feature a title game.
4. Moves the cushion for future raids from 2 to 4.
5. Once you get past the potential scheduling issues presented in 2013, makes scheduling a bit easier if the league stays at 8 games.