I don't find it odd, I find it stupid. Face it, the Pac has boxed itself into a corner. Texas State, who I don't hate, is too damn far away, particularly since they have to be an all-sport member. No one out there is going to move the media needle. Including Memphis, Tulane, etc. So what is the Pac waiting for? Texas State is probably (and should be) demanding money. Full immediate shares, pay their buyout, whatever. Same with any others.
I've said this before - Let's say the Pac has a $10M/team media deal on the table. To increase that by $1M/team, the new school would need to be worth $18M. $11M for them and the extra M for the rest. Right?
Fire Teresa, go to the table for once and craft the reverse merger. Way better solution, even now.