You are correct . They get a two year period, however if I remember correctly, they can only automatically get a champ at each weight and then have to get at-large after that.
However, the merger for football could actually mean the addition of the two MW teams for wrestling as well - AirForce and Wyoming. There are "whisperings" of other teams being added as well. Let's just say that the Big 12 isn't exactly making everyone happy.
As a side note, despite you wanting to get rid of Cal Bakersfield, they still have a team.