Basic story is thisThe reporting on this makes absolutely no sense.
There isn’t a single member of the Big12 that wouldn’t take an invite, on the spot, to join the Pac12 right now. But the Pac12 still isn’t having any of them.
Meanwhile, there also isn’t a single member of the Pac12 that the Big 12 wouldn’t love to have join them (even Washington State would be a net add for the Big12). And they have been desperately and publicly begging several Pac12 members. Yet, not a single Pac12 member has expressed serious interest in joining them.
The PAC12’s TV negotiations are likely just very complicated by the fact that so many schools are there for the taking (KS, KS St, OK St, TCU, San Diego St, BYU) if any TV partners want them in the Pac12 deal, but TV just isn’t all that impressed with what any of them would add.
Big ten is worth too much to take on even the Oregon’s and Washington’s without diluting the value per team of the tv contract (or they would’ve already taken those two).
The pac 12 is worth too much for schools to bail on it to go to the big 12 post Texas and Oklahoma departures.