I don't know if the Pac doesn't have the money to land Memphis, Tulane, UTSA. They just didn't make the deal good enough for them and are probably playing it safe by actively negotiating (which has been rumored for Memphis as early as a few days ago... though I lack evidence due to laziness).
These organizations have a lot less money than you think. It's a liquidity issue. Look at MWC vs Pac-12 for a second...
The Pac-7 is just categorically better than the MWC's remaining 7 and UTEP, right? Better football, better basketball, better markets. So why on earth would UNLV turn them down?
Because the MWC offered them a $11m loyalty bonus right now to stay put.
The Pac-7 offered them $2.5 million to put toward their $17m exit fee to the MWC.
So UNLV has to pay $14.5 million to get out of the MWC, join the Pac-8 and then they can make $10m in TV money a year instead of $6.5m in TV money a year. They right a check now, and in four years they make their money back. That only works if you have the money up front.
But the Pac-12 is in that situation. Why are they only offering $2.5 million up front to move? Because that's all they got.
The Pac-12 did not have exit fees because they've been a power conference for over 70 years. They had to go to court over it, and the Pac-2 got $65m total from the departing 10 schools in "revenue distribution withheld."
But the scheduling arrangement with the MWC had a clause that the Pac-12 would pay the MWC a $10m fee with 0.5m escalator for each MWC they poach.
So when the Pac-12 offered four AAC schools and four MWC schools $2.5m each to help with their exit fees... thats $10m for the AAC schools, $10m for the MWC schools, $43m poaching fees to the MWC = $63m.
Because the Pac-12 isn't playing, their only other source of money is the NCAA payouts, but that's what's covering their legal fees as they fight on multiple fronts.
The issue is that those 3 and one other (I forget who) all want to move together, or would prefer it. I think Tulane and Memphis in particular are tied together from that standpoint. That makes them more expensive, but time exists. You get some big dogs in there, the TV revenue increases. The actual dollar amounts may not matter over the long haul if they look at these acquisitions as investments rather than "fees". That said, it's possible they don't have the money for it too, but the fact that they were able to make offers to them at all, says a lot.
The issue is that while the Pac-7 is a better "Other Half" of the conference than the "others" of the American... the Pac-7 is in San Diego, Denver, Fresno, Logan, Boise, Spokane and Corvallis; while the American other is in Houston, Dallas, Philly, Miami, Charlotte, Birmingham, and Tulsa.
If you're Memphis, Tulane, UTSA, and South Florida and committed to go or stay as a group, the long-term TV revenue is going to be higher in the American than the Pac-12; because it's a bigger market and better time slots. The Pac-12 wants them because they'd open up the noon ET timeslot which a lot more people watch on TV than the 10 pm ET timeslot that West Coast games fill.
Couple that with the fact that it's all guesswork and estimations: The Pac-12 is saying "You'd get $10-$15m in media rights, that's almost double the $8m you're getting now!"
But the AAC four KNOW they're getting $8m from ESPN, they know their games are distributed on ESPN and ESPN+, they know EXPOSURE goes through ESPN. They don't know who's offering the Pac-12 anything. They're just being told "trust us, we can get the money!"
Pretend for a second that Turner/Max is offering $10m per school to the Pac-12 regardless of whom their teams 8-12 are. Over a Six-Year TV deal, the four schools leaving the American would getting $12m more in total TV revenue; but they have to pay $15 to $18m in exit fees to get that. They don't make their money back until year eight or nine.
But the American TV deal is up after year six of the new Pac-12, in year seven they're going to get a big bump in dollars because the old AAC contract didn't have Miami, Charlotte, Birmingham; or Army or Navy in it. And being on ESPN is better than not being on ESPN.
The Pac-12 just can't offer a better deal.