I've been meaning to address this. There is no way the Pac 12 breaks up. They might put the dagger into the Big 12 by adding 4 Big 12 schools, but it won't go the other way around. A much more likely scenerio would be when the next round of conference alignments takes place you will see maybe a couple of SEC schools break away and go with Texas to form a new conference. What I think will happen is Texas will lose the LHN and you will see Arkansas and LSU maybe jump from the SEC to a new Conference with Oklahoma, Texas OSU, TCU Kansas, Rice, (not Houston) Nebraska, Tech, and Colorado.
It is a much more likely scenerio than breaking up the PAC. I Nebraska is seeing that they just aren't ever going to be competitive in the B1G as they have no natural recruiting base and would like to get back into Texas. I think LSU and Arkansas would like more exposure in Texas and a little separation from Bama.
The SEC network makes good money, but so would a conference network with Texas, Oklahoma, LSU and a rejuvenated Arkansas. and Nebraska. Money would not be an issue, and that conference would be every bit as tough as the SEC.
Now if Texas decided to join the PAC, along with Oklahoma, OSU and Kansas would be a good conference, but there is a lot of political crap to deal with in dealing with Cal and Stanford. I just don't see it being successful I would much rather Texas join the SEC or B1G at this point.