Source: Pac-12 rebuilding conference, targeting Boise State, San Diego State, Fresno State, Colorado State

The Pac-12 is putting together its long-discussed plan to restructure the league with additions from the Mountain West, sources tell Yahoo Sports.

The two-team conference of Washington State and Oregon State targets Boise State, San Diego State, Colorado State and Fresno State as new additions to the newly formed Pac-12. These schools are expected to apply soon or have already applied for conference membership – the first step in the process of completing the agreement. They will join the league starting in the 2026 school year.

Commissioner Teresa Gould and Pac-12 officials have spent the past year examining possible options for their future after 10 schools left the league for the Big Ten, Big 12 and ACC. They have long believed they could preserve the Pac-12 brand by restructuring the conference through expansion, using its 108-year-old tradition, history and assets to attract new members.

It will be the first phase of a multi-phase expansion effort, reaching at least eight schools — the NCAA's minimum requirement to qualify as an FBS conference. With the aforementioned four joining, the league needs two more to complete the process. It must reach the minimum by July 2026, the end of the NCAA's two-year grace period.

The Pac-12's board must approve any membership application and is expected to do so soon. The deal could be finalized by the end of the week.

Expansion isn't cheap. Each Mountain West school is contractually bound to a $17 million exit fee, and the Pac-12 is obligated to pay an additional $10-12 million in penalty fees for each school acquired as part of the conference's scheduling agreement with the Mountain West. .

After months of examining future options, league officials are determined to reimagine the conference with an expansion system. In talks with potential new members, Pac-12 officials and third parties have presented a plan that includes a new media rights deal worth more than MWC's current or future television package, as well as Pac-12 brand sponsorship possibilities.

The two schools offer attractive assets that could total millions as a result of 10 schools leaving the conference, including Rose Bowl contracts, the College Football Playoff, NCAA basketball tournament units and the Pac-12 Enterprise, formerly the Pac-12 Network. The league loses its designation as an autonomous/power conference, a moniker that gave it greater voting leverage within NCAA governance and greater revenue in the CFP distribution model. It is unclear whether the conference could regain such a designation.

During Pac-12 Media Day in Las Vegas in July, Gould invited media members, administrators, coaches and players for a gathering to celebrate the conference, project a bright future and suggest a potential rebuild.

“There's a lot of interest in having a high-level conference on the West Coast,” he told Yahoo Sports at the time. “There is a lot of interest in our community and fans. Many people care deeply about the Pac-12 and the Pac-12 brand. There's a lot of nostalgia with the prospect of rebuilding.”

The Pac-12's first expansion episode took on geographic and cultural significance when it hit the rival Mountain West. The MWC, a 12-team football league that counts Hawaii, will lose some of its top brands despite a scheduling alliance with the Pac-12 that many believe will end in a reverse merger or consolidation with OSU and WSU.

However, earlier this month, talks between the Pac-12 and the Mountain West over adding a second year to the 2024 football scheduling alliance broke down, a fight that most notably involved financial differences, according to people with knowledge of the negotiations.

The Pac-12's move could ignite another round of restructuring, at least for those schools at the Group of Five or even the FCS level. In need of filling departures, the Mountain West may evaluate potential members for promotion to the FBS.

The Pac-12's move could have another ripple effect on a grander stage: the College Football Playoff. In the wake of the departure to the Pac-12, CFP leaders voted last year to change the playoff format to an expanded 12-team. They removed an automatic qualifying spot and added an at-large bid for a format that features five AQs and seven at-large bids for the highest-ranked conference champions.

In the following two years, the Pac-12 champion is not eligible for an automatic qualifier because it does not meet the CFP's conference-minimum requirements. However, starting in 2026, the champion of a rebuilt Pac-12 would likely be eligible for an automatic bid.