Source: UNLV explores options after Utah State joins Pac-12

UNLV is expected to re-engage in conversations with the Pac-12 after its commitment to the Mountain West earlier in the day was not officially converted, sources told ESPN on Monday evening.

UNLV agreed to a memorandum of understanding to move back to the Mountain West, but it was predicted the remaining eight schools would agree to stay, sources told ESPN.

When Utah State decided not to return and move to the Pac-12, sources said, UNLV officials agreed to hold off and further explore their options. UNLV was set to take a deal from the Mountain West that included it and Air Force paying a significant lump sum to stay in the league and become one of its linchpins.

UNLV’s decision to explore options potentially sways the Mountain West, as Air Force’s commitment earlier in the day and UNLV’s early commitment Monday were seen as positive signs that the league could use its buyout money from departing schools to stay together.

Part of the Mountain West pitch is that the league will ensure no school takes a step back in terms of media distribution money, which is guaranteed, compared to the projected revenue the Pac-12 has presented to some universities.

With Utah State leaving and UNLV exploring options, the Mountain West has commitments from six schools for the 2026 football season: Air Force, Hawaii, New Mexico, Nevada, San Jose State and Wyoming. The conference must add at least two more football-playing schools by 2028 to comply with NCAA rules.

Staying in the Mountain West will allow schools to avoid exit fees. Before Utah State decided to leave, the league was already bringing in more than $120 million in revenue from four previous departures.

Mountain West schools are making about $6 million a year in overall payments, with about $4 million from pure media value. It’s uncertain how much revenue the Pac-12 would make if it reconstituted in 2026 because it hasn’t taken the reconfigured product to market. The Pac-12 must have eight members to be recognized as an official conference.

What happened in the Mountain West landscape is part of a high-stakes lookout between the league, the Pac-12 and the American Athletic Conference. On Monday, the AAC received commitments from Memphis, Tulane, USF and UTSA — some of the Pac-12’s highest-profile targets.

Memphis and other AAC members were projected to cost more than $27 million per school in exit fees and about $2.5 million in lost revenue, presenting a problem for the Pac-12’s expansion efforts.

The cost of the buyout and the lack of a guaranteed television number from the Pac-12, which projects projected revenue to schools at more than $12 million annually, loomed large in the decision.