As noted, this has been in discussion for a while.
The Big XII is interested in a merger since they only have four existing wrestling members and they no longer count as an automatic qualifier for the NCAA tournament. All NCAA qualifier tournaments receive spots for at least the winner of every weight class. Additional spots are allocated based on the record/performance of the conferences wrestlers at that weight. Finally, a few wild card qualifiers are chosen at each weight from the best wrestlers not already qualified. The Big XII does not receive any qualifying allocations and instead all Big XII wrestlers must receive at large bids. The WWC currently serves as a qualifier. They get the winner of each weight plus other earned spots along with potential wildcard spots. Hence the reason the Big XII wants to merge.
The PC 12 still serves as an official qualifier, hence no incentive to merge. The Big XII/WWC merger almost happened two years ago. Then, the Big XII was in talks to join the ACC for wrestling, but that turned into a discussion of which conference would keep their name on the tournament etc. Now, we are back to the Big XII/WWC.
I am all for this, Wyoming already wrestles OU and OSU every year (beating OU this year and giving OSU a battle to the end). This will lead to a better program here at UW by allowing our wrestlers to be in the Big XII tournament (between OSU, OU, and ISU there are about 40 national championships). This will allow UW to recruit wrestlers who want to wrestle these traditional powers.
UW can succeed and do well in this conference. Right now OSU is the best team. ISU probably second. UW and NDSU probably third (a little ahead of OU).
I also suspect that it will be the entire WWC that merges (inclusing UW, AF, SDSU, NDSU, UNC, and UVU) for a total of 10 teams.