This seems like an ill-considered panic move by those schools, though it would make a lot more sense if not for the Big XII's previous ill-considered panic move to add Cincy, Houston, UCF and BYU.
Everyone should just sit tight and wait until the Big Ten signs its TV deal. Then the opportunities to work with broadcasters who have swung and missed will reveal themselves.
Maybe someone has a taste for the huge inventory of a full-on Pac 12/Big XII merger. Maybe the cream of both crops have a way to wriggle themselves free and create a fully new entity. Maybe something more creative germinates as I'd suggested earlier.
These schools are lunging from a position of weakness with incomplete information, abandoning Phil Knight (never a good idea in sports), and Arizona, Colorado and ASU are letting their interests get lumped in with Utah's.
If this is in fact their best move, that will be much clearer and beyond any doubt still available to them in six months. Take a breath fellas.