Yes, but in a way, it is also a good market rebalancing. The P12 only had a handful of teams worth continuing to invest the kind of dollars into that they would have to do in future deals. The B12 did a good job of grabbing quality programs that were in the second tier, placing them on firm footing as the #3 conference with very little fat in the conference respectively.
But the PAC had 12 schools, only 4 of which really drove the conference from a financial perspective as it relates to football. So instead of having to pay 40 or 50 million to 8 schools that don't mean and don't really care about football that much just to keep USC/UCLA/UW/UO, they blow the conference apart and save a ton of money on the 8 remaining schools while driving higher ratings with more quality games.
The B12 represents the only real lifeboat in this scenario for tier 2 teams, which is why it is so funny to see ASU and Utah being such elitist bitches. We will also do it again as soon as the ACC starts to blow apart. At the top of that conference is FSU, Clemson, UNC, and Miami. The remaining schools will most likely be left to engage in a battle of survivor for the remaining 2 to 4 spots in the B12. The others will be relegated to G5 status just as Oregon State and Washington State are now.