Last year. more than most conferences. But at least they played and got a team into the fiesta bowl. Not playing at all would have been even more disastrous for recruiting, transfers, reputation, and bottom lines.
Another “problem” is that teams in the P12 are good at cannibalizing each other. There’s rarely a team that is head and shoulders above the rest and gets through their conference slate unscathed (unlike the Alabama, Clemson, and Ohio states of the world). That makes for some great football but not a clear-cut CFP candidate. And not regularly competing for the national championship (unlike the SEC, ACC, and B10) year in year out also hurts the conference.