In both football and basketball, Pac 12 is pretty consistently in the G6 in football and in the range of #6 or so in basketball conference--both pretty far behind their peers.
Could the conference quality improve in the next few years? Sure. Maybe.
I'd expect USC to improve in 2-3 years with a good coaching hire, and maybe Colorado, and Arizona to climb out of the bottom of the barrel.
But otherwise, the conference is what it is. UW and UCLA could improve some as well, I suppose.