PAC will get to 8 teams. WE all know that.
We will have a better what everyone is worth within the next 2 years. We are all just guessing.
But lets say this. Assuming that all MW are basically the same with a small delta in worth. Why would the PAC run far, far away from the idea of a merger? If that were the case, the payout of a merged conference would be about the same as creating their own conference. It would also cost zero fees, it would have been likely a reverse merger, they would keep the PAC name, most of their "war chest" and they would have solidified the best G5 conference.
Could it be, that the delta within the mountain west is pretty big. They knew their worth from their partners and realized it was worth all of the exorbitant up front costs to create a new conference? Sharing with the doldrums of the MW would be too much to take?
Follow the money. That is what this is all about, it always has been, it always will.