https://www.espn.com/college-sports/...pac-12-big-ten
There goes the LA market. PAC-12 is stuck negotiating a new TV deal without two of their most marketable schools. If any other school bolts, the league is in danger of breaking up. Oregon (aka Nike University) is going to find a lifeline, probably the Big 12 if the Big 10 isn't expanding beyond 16 teams. After that, Washington has some name value while the two Arizona schools, Utah and Colorado make geographic sense. The rest? Hello, Mountain West.
There's also the chance the Pac-12 tries to move on recruiting Boise State and San Diego State but they don't really rise to the snooty attitude that the conference has been known for. Also, the Pac-12 could try a full-on merger with the Big 12, resulting in a 22-school monstrosity.
Cal is not a cultural fit ("ewwww. You have Mormons? And Baptists? You don't worship Gaia?"). The only school Cal liked was UT-Austin and -oops! - they've left for the Dukes Of Hazard Conference.
Do the CU Buffaloes come back to the Big 12 with their tiny tails tucked between their legs? Will they bring the Utes with them?
We could see a Big-16 with a western wing of Oregon, Washington, Colorado and ??? along with BYU who is just arriving. Last summer, the Big-12 was given up for dead and now they look like they are in the driver's seat to add any school not in the SEC or the Big 10.