See the Pac12 being a step up vs the big 12. That could change, and quickly. But, the Pac 11 overall doesn't seem to be trending in the right way.
That said, as long as USC and Oregon are in the conference, football will have life.
I do think it is possible that if the Big 12 stays strong and the teams win against the other conferences. We could see the Big 12 add Pac12 teams. I could see the Big 10 and Big12 each take some teams. The new tv money will be a big indicator.