Is to leverage their "tradition" and go back to the PAC-10, the true conference of champions. Kick Utah and Colorado out....go back to the strong identity of the PAC-10. You can still hold a conference championship game with 10 teams and now only have to split the money among 10 teams.
You may think I'm joking, but I'm serious. The conference has no leverage or identity right now. They will continue to make less money than the other P5's. The only way they could possibly keep up is if they don't have to share the money with so many teams (this is exactly what the Big 12 is doing).