For it to work, Oregon & Washington would HAVE to sign a GOR for the length of the true media value agreement. No GOR and the corner schools should bolt to the Big12.But if you were a middling Pac12 (eg Utah, Az, ASU) and your short shares were worth less than an equal share in Big12, why would you stay? On top of that, UW an UO are both "flight risks" who aren't going to sign a GoR even with getting bonus shares -- and if they dump you then you are really in deep feces.
I could see it work, but it screams instability.
I would think the media partner would want a GOR as well become losing schools means losing inventory. Might not be such an issue in a 14 or 16 team conference. But my bet is a salvaged Pac12 would be a 10 or 12 team conference at most.