It's sounds like the Pac-12 is at a crossroads.
by G.K.Chesterton (2023-03-07 13:39:49)

You can see the linked story about the broadcast rights discussion, but from the Pete Thamel linked within that story (paywalled), comes this item:

Around the Pac-12, this week is viewed as a pivotal one. While there's no chance at a final deal coming, a continued lack of clarity could be consequential as many league schools remain on edge about the future. Does more ambiguity lead to some putting up their periscopes to seek out more stable ground?

The league has reached a point where schools looking around and engaging with other conferences has gone from an option to an expectation.

According to sources, there has been at least minimal contact between the Big 12 and the Four Corner schools -- Arizona, Arizona State, Utah and Colorado. That contact has emerged to varying degrees and via various methods, depending on the school. But there's a bottom-line pragmatism to the conversation. "You can't blame anyone for looking for options and what's out there," an industry source said.