They only negotiated with the four schools that left the MWC, but why?

They should have opened up their negotiations with at least six teams to start so they would have 8 schools and would not be out leveraged. Now that they absolutely must have 2 schools to be a conference after 2026, all the teams they are now enticing away from their existing leagues have all the leverage. "Hey Pac 12, you want me (UNLV) to leave, well, you have to pay my exit fee from the MWC and guarantee that I get 10% more than any other team. And you can't invite Nevada. . ." or "Hey Pac 12, you want me (UTSA) to leave the AAC, well, you need to pay my exit fee and cover 1/2 of my travel expenses."

Unless the Pac 12 is able to provide significant additional revenue ($15 million+ per school), there is not much value leaving the AAC, although I am surprised that UNLV and Utah State would want to stay in the MWC because I believe they only get $4 million per year.

If the Pac 12 is shutout on all the possible FBS additions from the AAC and the MWC, where do they turn? They might have to get some western FCS teams. Maybe Cal Poly and Sac State? UC Davis or NAU? Weber State and Idaho?