reason you also mentioned: Priority of Sports.
The PAC as a whole (see COVID) and some specific schools ( Cal and Stanford for starters) don't care enough about Football and men's basketball (for monetary purposes the only sports that matter). This has been a big part of them trying to find a deal, IMO. If they had gone first, ours probably would not be as good as the one the Big 12 actually signed, but I don't think we would be in the same position (not having one at all). Big 12 cares more about sports than the PAC.
I will admit though, I didn't even think it was possible for the PAC to be in this situation.