Leaving the America Athletic Conference for a new wave Pac-12 will be an expensive endeavor.

Pete Thamel of ESPN reported that the exit cost for AAC schools to depart the conference is "nearly" $27.5 million per school for them to join the Pac-12 for the 2026 season.

Memphis, Tulane, UTSA and South Florida are current AAC teams that have been contacted by representatives from the new Pac-12, per Dan Wolken of USA Today. The Pac-12 currently consists of Oregon State and Washington State but has confirmed the additions of Boise State, Colorado State, San Diego State and Fresno State for the 2026 season.

Those teams were taken from the Mountain West Conference and will have to pay an exit fee of $17 million. The Pac-12 is expected to "help offset" these costs for those four teams.

The conference could use a similar strategy with potential AAC teams, but the steeper price could make that difficult. Additionally, the AAC already has an established television deal that is estimated to be in the $8-9 million range, per Wolken. The Pac-12 does not have a deal in place and the valuation is expected to be in the $10-12 million range.

This would likely be dependent on bringing in solid brands from the AAC and forming a conference that towers above the other non-power conferences. Still, the slight increase in television revenue would come with a high exit fee and significant travel for teams across all sports.

The Pac-12 must expand to at least eight teams to remain a power conference, so further additions are necessary even if the AAC teams decide to hold off.

The teams will need to weigh their options and decide if departing for this conference is worth it.