First, there was one regular season game last year (Wisc-Northwestern) that got 4 mil last year that did not include a blue blood. All the rest were SEC, OU, UT, OSU, ND, Clemson and Michigan. There were no PAC regular season games that did that. If the analysis is "be a blue blood or you don't add value to a conference," that's not very good analysis. The point is, if schools like Okie St. and ISU don't bring value to conferences, then based on the value of TV viewership a good chunk of teams in these power conferences don't either.
Second, you can't look at the conference as a monolith. Okie St. and Iowa State would both be the 3rd most watched team in the PAC. So they would absolutely boost the average viewership of the conferences games.
Third - everybody needs to understand that the decision on a team getting an invite is not a simple binary yes or no. Much like Maryland and Rutgers, there will be bargaining for media revenue shares and schedules. If a school takes a significantly reduced cut of media rights for a few years, the bar becomes pretty low for that school to bring value to the rest of the members.
Finally - A big 12 team absolutely wouldn't accept an offer to bolt right now. You not only jeopardize the action against OU, UT and ESPN, you put yourself in a GoR bind. Considering the time it's going to take for all the Big 12 mess to settle, it would be messy for any other conference to get tangled up in the Big 12 until the dust settles, which probably means 2022.
Bottom line is can schools like Ok St and ISU bring value to the PAC? Yes. But is it enough for another conference to get tangled up in this mess right now? No. And could either school afford to leave or get to far down that road before the legal matters are sorted out? No.
Some time over the next year I suspect OU and UT will agree to write checks, and the rest of the teams will then agree that the remaining members can go negotiate to find landing spots. That’s when things will get interesting.