The PAC conference champion will still be a very strong contender each year for the playoffs. And the path to a PAC conference championship appears to be much easier than the path to a Big 12 Championship if for no other reason than it's easier to beat 7 teams than 15.
I don't think Utah basketball is ready to compete in the Big 12. Or most of their olympic sports. But they could probably compete with USU and Fresno and Oregon State.
There should be lots of easy wins which every fanbase loves.
Sometimes it's just best to be a big fish in a little pond (see Boise State this year).