It matters in terms of winning a conference championship.
If WVUs "division" means beating all of UT, Tech, Baylor and TCU every year plus a certain number of other division foes- that is a pretty tough task.
What if the Big 12 had been able to add FSU and Clemson when it was possible? Then look at your conference schedule. You may as well play Alabama and Ohio State as OOC games too!