UTEP and New Mexico State have generally been awful at football. I think that NMSt has struggled because they were independent for so long.
If the PAC didn't have such an ego they could have built up the smaller schools. The familiarity and history was already in place. The money wasted on buyouts.... was so short-sided. They could have build a very cool 'traditional' conference. They could have sold themselves as the western conference.