Despite all Cougarboard allegations to the contrary, we don't know what happened in the Pac 12 offices.
The fact is the Pac 12 doesn't owe us anything--even if our hearts are in the right place. Utah and Colorado filled all the checkmarks: they were new markets, they had recent histories of football success and they have solid research reputations. While our resume may have been better in many (possibly all) respects, we are also a wildcard that will never automatically fall in step with the rest of the schools. So if I'm the Pac 12 why take the risk when I know exactly what I'm getting with my other two candidates?