Conferences with fewer than 12 members can still have championship games, they’re just not required to. And we already know SDSU will make #10 for the PAC the instant they ask.
The PAC is going to have to give SDSU (or any other MWC team) close to $14M/ if they're going to be in the PAC for 2024, and that's if the MWC can spread out their buyout over 5 years.
I really think GK holding out on presenting offers may have kept the 10 members together longer, but delaying past the MWC notice date just put the PAC behind yet another 8-ball in this whole saga. The PAC probably could have gotten MWC schools to accept an offer around $10M/ if the buyouts were $16M rather than $34M. That frees up some money to give larger cuts to a few schools to stick around.
How the PAC manages to put together the 2024 season is going to be mighty interesting. AAC schools (SMU, Tulane, Memphis) could still probably accept somewhere the in $10M range and be in the PAC for 2024, but it depends on how many slots they need to fill. If it's 1 or 2, okay, but you really have to reach to find 3 or 4 or 5 to get to 10, which is the magic number for a championship game and kind of important when you're trying to land a media deal.