UT and OU left the Big12. The Big12 took the lemons, got a real commissioner and listened to him, and made lemonade. REALLY GOOD lemonade.
UCLA and USC left the PAC. The PAC listened to an idiot professor from UU and overvalued itself to the tune of $20 MILLION per team based on his "expert" valuation, the whole time ignoring the offer from ESPN that was within shouting distance of the deal the Big12 made (literally within $1-$2 million of the Big12 deal.
UO and UW left the PAC AFTER USC and UCLA left while the ESPN offer was still sitting on the table, waiting for the PAC to wake up and sign it.
What killed the PAC? HUBRIS, led by 80+ years of think their 💩💩💩 didn't stink and they were better than anyone/everyone else...that and a horrible business valuation by an academician who had no business consulting a 7-11 franchisee, let alone an athletic conference.....from UU. And, the PAC commissioner and presidents were dumb enough to listen to him. OTOH, the Big12 took the same pile of stinky lemons, hired a world-class commissioner who had worked in the real world and positioned itself as the 3rd-best power conference.
Who, then, killed the PAC? Sure, UCLA and USC wounded the PAC...deeply. But, it could have, and should have, survived. UU simply took the knife, drove it in deeper, and twisted it. The PAC was not dead until the UU Professor Dingbat did his work. UU killed the PAC.