No, 100% pure incompetence.
Failure to develop a reasonable revenue sharing arrangement, failure to build value in the member institutions, failure to protect it's most valuable franchises, failure to add Texas/Oklahoma, etc...
On that last point- The Big 12 was ripe for the picking and the PAC-12 ends up with Colorado! No Texas, no OU, no Nebraska, not even A&M with their alumni network and research facilities.
I guess Utah more than made up for that.
Of course some of the member institutions did their fair share to fuck things up- e.g.: Stanford adamantly pushing for equal revenue sharing. That deal is largely why USC and fucla left the conference, and why Texas and Oklahoma declined to join.
The Pac-12 actually demanded that Texas contribute $15MM annually from its Long Horn Network (an ESPN deal)!
Think the Pac-12 might be in a better positions had it negotiated a way to allow Texas, OU, Texas Tech and Oklahoma St. join? Adding Texas likely would have likely facilitated a far bigger ESPN deal for the conference in whole.
The networks want to pay more and more $$$ for access to great product/franchises, and not the mediocre shit-fuck that the Pac-12 evolved into.
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