Adding two more members didn’t increase revenue that much, but did add two more schools to divvy the money up with. Without expansion the PAC10 would have paid out $40M per school last year instead of $33M. Instead of being dead last among the P5 conferences for payout per school, the PAC10 would have been 3rd. For this reason alone, expansion was a mistake.
Now if expansion had really been about replacing WSU & OSU with UU & CU, that would have been a smart move. Yes, UU and CU have contributed more to the Conferences since expansion than Wazzu or the Beavers ever could. Kicking Wazzu & OSU out of the Conference as part of the expansion so they stayed at 10 members would have been a huge success.
Expanding the PAC again by adding the orphaned B12 programs is a one way road to bankruptcy. No one cares about ISU football outside of Ames, even when they win.