https://www.msn.com/en-us/tv/news/pac-12-gutting-mountain-west-sparks-fresh-realignment-stress-at-schools-outside-power-four/ar-AA1qRIQw
"...The first level of those concerns revolves around simple math: Until the Pac-12 lands a media deal, there’s no guarantee of a significant increase from what Memphis makes in the American Athletic (estimated to be in the $8 million-$9 million range). But the valuations being discussed for the new Pac-12 by its media consultants in the $10 million-$12 million range are only theoretical at this point, and may not make a meaningful difference financially when you consider increased travel costs.
Crucially, though, maximizing the value of the new Pac-12 is also going to depend on selling a true “best of the rest” configuration that Memphis and others would need to commit to with a Grant of Rights agreement that locks them into the league for the length of the contract.
That illustrates the other reason why patience may win out at Memphis. After an unsuccessful pursuit of Big 12 membership, school officials there are now eyeing the ACC as a potential landing spot in the next handful of years....
The Pac-12’s resurrection, though, has forced Group of Five administrators to acknowledge the reality that either one of the current leagues will fold or more FCS members are going to be brought up to FBS to backfill amidst the game of musical chairs.
Both options are bad, but the latter may be worse...."