Since I live in a lot of the Big 12 country, I get to watch a lot of their games. I think you are correct in your assessment. I don't think the conference is as good as it has been at the top or overall strength/depth. But damn it has been entertaining as hell.
I don't expect the to have the March they are used to. But, there are a bunch of them that can beat anyone else I've seen. And they should be comfortable in close games. There have been a ton of them.
One game I would like to see is Tennessee vs Houston. IMO that would be a rough and tumble game. While they may not be as "polished" as some like, those two seem to be physically and mentally tough. I think it would be a 15 round rock'em, sock'em game.