They're dead, Jim.
A few years ago USC and UCLA announced they were leaving the PAC-12 for the Big Ten, effective 2024. This was the death of the conference, and everything that happened in the last week was just the result of that decision.
The PAC-12 had terrible TV deals compared to other conferences, largely because nobody out here actually gives a crap about college football. So there was already a revenue problem. With the announcement that USC/UCLA were already leaving, and the PAC-12 trying to renegotiate TV deals (eventually toying with the idea of streaming via Apple TV+), schools were getting VERY nervous about their future.
So last week Colorado said they were leaving the PAC-12 to return to the Big 12. Takes the PAC-12 is down from 12 teams to 9. Arizona negotiated a deal to leave as well to the Big 12, taking it down to 8, but slowplayed it because they wanted Arizona State to have time to come along. Well, ASU did so and Utah joined them as well. PAC-12 down to 6 teams now.
The Big Ten then grabbed Washington and Oregon a day later.
PAC-12 down to 4 teams. Oregon State, Washington State, Cal, and Stanford. Cal and Stanford may potentially be picked up by another of the now Power 4 (used to be Power 5) conferences, but OSU/WSU likely will not, and might be looking to join the Mountain West Conference or something.