streaming is a heavy component, and if the payout depends on number of eyeballs, it could be a serious problem.
Outside of Oregon and Utah, fan support for PAC 12 football is tepid at best. Fan support for basketball is even worse (except for Arizona and UCLA). Then there’s the time zone issue, with most of the country being asleep when the PAC 12 plays. Then there is the declining interest in sports on the west coast.
The PAC 12 has some things working against it that go beyond the TV deal.