Their network and media deal was the test balloon that set the market and proved that the concept could work.
The Pac was certainly mismanaged and many of their wounds were self-inflicted (their leased space in the most expensive commercial RE market in the country was emblematic of their detachment from reality, and their failure to get their network online or on every cable and satellite provider was a colossal blunder), but their content remains incredibly valuable and I'm sure that they'll close the revenue gap during the next round of media negotiations.
No one will catch the SEC, simply because they have the dominant brands in the most football-obsessed region of the country. But it wasn't long ago that the Pac-12 was beating the brakes off of teams like Ohio State and FSU and giving the SEC scares in the BCS title game. This is a cyclical sport and the Pac-12 will have some ups to go with the current downs.