Nary a word about co-champions:
http://pac-12.com/football/standings
http://pac-12.com/article/2014/11/06/pac-12-football-championship-game-tiebreaker-explanation

That's because there is no such thing as co-champions when there is a tiebreaker. This is why there is overtime. Imagine co-victors in a game if we had to end at regulation.

If/when USC loses to stanford, will that make utah Champions of the south? They'll only have 3 losses and USC will have 4. Of course not.

The true pecking order of the south this year:
USC
UCLA
Utah
ASU
Arizona
Colorado

The true pecking order of the Pac 12:
Stanford (or USC)
USC (or stanford)
Oregon
UCLA (in the final standings they'll be one spot below Utah, but their fourth loss was for the south championship, so I put them here since they had a shot at the title in their final game, when Utah no longer did)
Wazzu (beat UCLA, highest ranked common opponent)
Utah
Cal
ASU
Washington
Arizona
Colorado
Oregon State