The Pac-12 Conference has been one of the most successful conferences in college football history, but it has been struggling in recent years. There are a number of reasons why the Pac-12 is in decline, including:

Lack of national relevance: The Pac-12 has not won a national championship since 2004, and it has not had a team in the College Football Playoff since 2017. This lack of national relevance has made it difficult for the conference to attract top recruits and coaches.
Uneven competition: The Pac-12 is home to some of the best college football programs in the country, such as Oregon, USC, and Washington, but it also has some of the worst. This uneven competition makes it difficult for the conference to field a strong team in the College Football Playoff.
Financial problems: The Pac-12 is one of the least profitable conferences in college football. This is due to a number of factors, including the lack of a major television network deal and the high cost of travel in the western United States.
These factors have led to speculation that the Pac-12 could be on the verge of collapse. In recent years, there have been rumors that some of the conference's top schools, such as USC and UCLA, could be considering leaving for other conferences. If these schools were to leave, it would be a major blow to the Pac-12 and could lead to the conference's demise.

The Pac-12 needs to make some major changes if it wants to remain a major player in college football. The conference needs to find a way to improve its national relevance, reduce its financial problems, and even out the competition. If the Pac-12 can make these changes, it can still be a successful conference in the future. However, if the conference does not make any changes, it is likely that the Pac-12 will continue to decline and could eventually collapse.