They can't be on the media contract without it. So if the fiscal is July to June, that means their exit year is July 2025-2026. The Pac media deal, whatever it is, will start in the summer of 2024. Only way that works is if they sign the media deal and stick around through it, or some really random situation where they're not paid nor shown on TV for a year.
Now, could you with a big buy out, sure, but none of these teams are sitting on piles of cash to burn. If USC/UCLA gave proper notice for a giant raise, the rest definitely will too.
I'm still convinced that the PAC's fiscal is August/July. Which is the same situation we just discussed, but the window on announcing anything hasn't closed yet. Another wrinkle in this is that the PAC's language just states everything resets on August 1st, 2024. Maybe they don't have to announce if that triggers, they just don't need to sign up for more. This would make the Pac extremely unstable, though, far worse than today.