When Texas and Oklahoma announced in the summer of 2021 that they would leave the Big 12 for the mighty Southeastern Conference, they altered the Power 5 landscape.

At the time, the industry wondered whether the Big 12 would get picked apart. But then-commissioner Bob Bowlsby went on the offensive, roping in four new, good schools — and effectively saving the conference. He set up his successor, Brett Yormark, to negotiate a solid media rights extension with ESPN and FOX — a year earlier than required.

Now that the Big 12 jumped ahead, the Pac-12 is the only Power 5 conference without a deal.

The Big Ten has solidified the largest conference media rights deal in history. The ACC is locked into its package until 2036. The SEC signed a massive deal with Disney back in 2020.

The Pac-12 is now in a dire situation, given that a media package is a bellwether for a conference’s future.

Today, we’ll take you through the factors that led to the Pac-12’s precarious position — and explores what it needs to do to regain stability. Read the full report now.