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I will give my two sense which I am not sure is worth that much:
Big12 was screwed when they failed to get CFB expansion. If they had expanded (even to 8 teams), I think they would have got a team in nearly every year. Without expansion, it will be more tricky.
ACC is in an interesting spot. Like the Pac12, they have great markets (better than even the B1G and SEC if you look at population). However, these markets are not great College Sports (specifically Football) markets for a variety of reasons, mostly being that urbanized areas do not translate well to football and outdoor sports because kids cannot play these sports year around like they can in suburban or rural areas.
Despite that, the ACC has football first powers set in the Southeast who can compete with the SEC: Georgia Tech, NC State, Virginia Tech, Clemson, Miami, Louisville, and Florida State all fit this bill.
ACC has significant potential with these powers along with the Alliance of Notre Dame. However, the major struggles of these powers has caused the league to fall behind the pecking order. The league is also split between Basketball focused teams (UNC, Duke, etc.) versus Football focused teams (Clemson and FSU). This split, I think, causes some disharmony and instability in the league. I agree with @Wild Turkey that the ACC screwed itself on the contract and has generally suffered from the fact that teams like FSU and Miami are not on par with where they have been in the past.
Pac12 is also in a tough spot. On paper, it should be dominate. It has the media and population mecha centers of Los Angeles, San Diego, San Francisco, Portland, Seattle, Denver, Phoenix, and Salt Lake City. Over 60 million people live in their region. Yet, it is a very urbanized area that sees football as a secondary hobby. Like the ACC's region, pro sports trump college sports and it is often hard in some regions for children to grow up playing football as a first sport. Therefore, despite having better markets than the B1G and SEC, it struggles to get a lot of viewership from the local population. It is also hamstrung, as people point out, with the time zone difference (even though there is enough people in the PST time zone to drive high ratings). Another major issue with the Pac12 is that there just really isn't great candidates for expansion other than Texas who is no off the table. However, the Pac12's geographically isolation might be its saving grace as it would be hard for Oregon or USC to fit into the B1G or SEC due to the long travel times. Definitely possibly but probably not that attractive for both conferences.
I can see the B1G and Pac12 doing a semi-merge with both keeping their brands but having at least one interconference matchup and perhaps a joint Championship game in the future.
However, the B1G and SEC are far more likely to poach from the ACC than they are the Pac12.
Big12 was screwed when they failed to get CFB expansion. If they had expanded (even to 8 teams), I think they would have got a team in nearly every year. Without expansion, it will be more tricky.
ACC is in an interesting spot. Like the Pac12, they have great markets (better than even the B1G and SEC if you look at population). However, these markets are not great College Sports (specifically Football) markets for a variety of reasons, mostly being that urbanized areas do not translate well to football and outdoor sports because kids cannot play these sports year around like they can in suburban or rural areas.
Despite that, the ACC has football first powers set in the Southeast who can compete with the SEC: Georgia Tech, NC State, Virginia Tech, Clemson, Miami, Louisville, and Florida State all fit this bill.
ACC has significant potential with these powers along with the Alliance of Notre Dame. However, the major struggles of these powers has caused the league to fall behind the pecking order. The league is also split between Basketball focused teams (UNC, Duke, etc.) versus Football focused teams (Clemson and FSU). This split, I think, causes some disharmony and instability in the league. I agree with @Wild Turkey that the ACC screwed itself on the contract and has generally suffered from the fact that teams like FSU and Miami are not on par with where they have been in the past.
Pac12 is also in a tough spot. On paper, it should be dominate. It has the media and population mecha centers of Los Angeles, San Diego, San Francisco, Portland, Seattle, Denver, Phoenix, and Salt Lake City. Over 60 million people live in their region. Yet, it is a very urbanized area that sees football as a secondary hobby. Like the ACC's region, pro sports trump college sports and it is often hard in some regions for children to grow up playing football as a first sport. Therefore, despite having better markets than the B1G and SEC, it struggles to get a lot of viewership from the local population. It is also hamstrung, as people point out, with the time zone difference (even though there is enough people in the PST time zone to drive high ratings). Another major issue with the Pac12 is that there just really isn't great candidates for expansion other than Texas who is no off the table. However, the Pac12's geographically isolation might be its saving grace as it would be hard for Oregon or USC to fit into the B1G or SEC due to the long travel times. Definitely possibly but probably not that attractive for both conferences.
I can see the B1G and Pac12 doing a semi-merge with both keeping their brands but having at least one interconference matchup and perhaps a joint Championship game in the future.
However, the B1G and SEC are far more likely to poach from the ACC than they are the Pac12.