Yes, the PAC is a sinking ship, and WSU and OSU do not bring much to a new conference.
But they bring WAY more than some of the lower MWC teams do. They are still head and shoulders a better program, from a brand/financial/fanbase perspective than New Mexico, UNLV, etc.

I think the most likely situation is that the PAC loses all their biggest programs, survives and invites Boise, CSU, AF, and some other programs to stabilize themselves as best as possible. Essentially the PAC becomes the MWC 2.0, much like the MWC became the WAC 2.0 after BYU, UofU, and TCU left.

In this situation, WSU and OSU are the biggest losers, as well as the leftovers from the MWC.