Paywalled, but Wilner interviewed a former FOX VP of programming. He thinks the Pac's best bet is to merge with or work a deal with the B12 to get a joint cable channel. Also says the B12 expanding with just AZ, ASU, Utah, and Colo doesn't add much value, including WA & OR bumps it, but the Bay Area could also value.
“If you’re the Big 12 and you raid the Pac-12 for those six schools,” he said, “maybe you get a 20 percent (revenue) bump. But maybe that gets to 30 percent if you bring the (Bay Area).”
Changes in media consumption have added immense value to the top brands in college football — the schools that drive ratings and command primetime slots on over-the-air networks. But market size still factors into valuation because of retransmission fees (for broadcast) and subscribers (for cable).
“The Bay Area adds value,” Crakes said. “Why would you say no to that?”
https://www.mercurynews.com/2022/07/11/pac-12-survival-guide-the-strategic-merits-of-a-merger-with-the-big-12/
Bay Area market is bigger than the entire state of Washington, and adding Sacramento's is similar to WA+OR. A lower percentage of interest, but multiplied by a huge population base does add up. Most efficient add would be WA-OR-Stan-ASU-Utah-Colo, but including AZ or Cal as a package might be what it takes to get a breakout or outbid the ACC. Maybe even worth taking ORSU and WSU, since killing off and raiding the Pac would finally secure the B12's future. The Pac remaining just prolongs the current instability, and if the ESPNACC does merge or raid the Pac the B12 risks getting left out of a breakaway. (I don't think a B1G-SEC only breakaway is possible politically, but add an expanded ACC and they just might pull it off.)