In this article, I analyzed what the Pac-12 needs to do if it's serious about keeping USC as well as the other programs that could collectively break apart the league.
Despite all the talk about the TV contract and the other details of league organization, probably the most important factor affecting whether or not USC eventually leaves if given the opportunity (and if it would actively pursue opportunities in the meantime) is the upcoming appeal of the NCAA sanctions.
If the Pac-12 is really serious about keeping things together, they’re going to have to fix the non-conference scheduling arrangements.
Either the league needs to mandate rules about making favorable non-conference scheduling arrangements, and institute an absolute ban on selling off home games, or at the very least it’s going to need to separate the equal treatment of league TV revenue (which is fair and reasonable, even if USC etc. don’t really like it) from the treatment of non-conference TV revenue (which is clearly an unfair arrangement as it stands). No one is talking about it today, but eventually this is going to blow up into a major issue, and the league really needs to get on top of it before it becomes a problem. It’s the one clear source of potential long-term conflict inside the league, and everyone (both the programs at the top and everyone else) would benefit if this problem gets solved before it turns into a crisis.