In this article, I analyzed why independence probably won't work, what USC would do instead if they decide to bail on the Pac-12, and what kind of ramifications it could have on a national level.

Highlights:

Independence gives less access to the BCS (since you have a limited number of at-large slots available), creates scheduling hassles for football (the Big East is the only AQ league Notre Dame seems to be able to schedule between mid-October and their annual California trip; that wouldn’t really work for USC) and all other sports (it’s far easier to fill basketball, baseball etc. schedules as a member of a league… and I don’t think USC wants to join the WCC), and leaves a school alone and without real allies. Basically independence is a near-guaranteed loser.

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So what could USC do? Instead of independence, they could instead be the catalyst for the formation of a new league. As everyone knows, Texas is already a wildcard. What if they and USC decided to form a "best of" league between the Pac-12 and Big 12?

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in pretty much any combination, that’s a true power league that rivals the SEC in football, the Big Ten in academics, and both in market size and cultural impact right off the bat.