The timetable is this:

1. New 5-6 year contract and GOR sometime the first half of 2023 if not the end of 2022
2. With GOR signed and all 10 in place through 2029 0r 2030, an exit fee will be instituted for the Pac
3. Expansion if any will be tied to the new contract, so also will be for 2024 season and likely decided in the first half of 2023 or end of 2022

What can disrupt the above timetable would be Big Ten invites to additional schools (yes all would accept even 50% media distribution this cycle for long term stability), which could see the Pac-12 fold altogether.

I'm more or less of the opinion that a pair of G5 schools don't materially add to the Pac-12. Exit fees from the Big 12 and questions about long term Pac-12 stability make it unlikely any Big 12 school would join the Pac-12, as it's hard to see how they recoup they $30-35M exit fee (assumes invite by June 30th, 2023 to join in 2025 with GOR expiring and get 4 or 5 years of the next Pac-12 contract). Intercepting BYU or Houston is possible and beneficial, but how would the Pac-12 pay them in 2023-24, where will they come up with the $60M with no exit for even for UCLA or USC? If the Pac-12 can overcome their concerns about BYU's honor code and mission, then I'd see if I can make that happen. Those two could actually help. But BYU looks like a non starter.

That pretty much means your top two choices are Sand Diego State and Southern Methodist, both far more for location than for valuation. The majority of Pac-12 fans look at that and say "Pac-10."

The big thing to keep in mind is the lack of exit fee, while the Big 12 has one. If there is a merger, which seems highly likely should the Big Ten raid Stanford, UW, Oregon and possibly Cal, then it will be the at least the four corners if not all the remaining Pac-12 schools joining the Big 12.

Anyway the timetable is the B1G TV contract, then the Pac-12. Expansion happens if increased revenue for the members of collective is part of it. But I think escape pod mentality will make all members wary of exit fees and expansion. But we'll see, and possibly before Thanksgiving.