In order to raid the PAC, I think ESPN would first have to make a significant investment in the Big 12 including but not limited to giving them a network. Once that is done then the tide turns if you will. Instead of buying the PAC Network they can just let the thing go defunct...it can't be worth that much anyway.

I think Texas would be amenable to reworking the LHN contract if they knew PAC schools were coming aboard. So creating a Big 12 Network using that entity wouldn't be that difficult or costly.

If they take the key properties of the PAC at that point then a P4 could be established and ESPN would soon dominate every region. Then all the advantages of the RSNs start to come into play.

I don't know that you'd see a full on shuffling though. That would seem to involve too many moving parts to really make the schools all that happy about their destinations.