Sources: UNLV explores options after Utah State joins Pac-12

UNLV is expected to resume talks with the Pac-12 after failing to formalize its commitment to the Mountain West earlier in the day, sources told ESPN Monday night.

UNLV agreed to a letter of intent to return to the Mountain West, but on the condition that all eight remaining schools agree to stay, sources told ESPN.

When Utah State decided not to return and move to the Pac-12, UNLV officials agreed to take a break and continue to explore their options, according to sources. UNLV was close to finalizing a deal with the Mountain West that would see Air Force and UNLV receive a sizable lump sum payment to stay in the league and be one of its mainstays.

UNLV's decision to explore its options potentially puts the Mountain West in crisis, as Air Force's commitment earlier in the day and UNLV's initial commitment on Monday were seen as positive signs that the league could use severance money from the departing schools to stay together.

Part of the Mountain West argument is that the league will ensure that no school takes a cut of media distribution revenue, which is guaranteed compared to the projected revenue the Pac-12 has presented to some universities.

With Utah State dropping out and UNLV exploring options, the Mountain West has commitments from six schools for the 2026 football season: Air Force, Hawai'i, New Mexico, Nevada, San Jose State and Wyoming. The conference must add at least two more football schools by 2028 to comply with NCAA rules.

By remaining in the Mountain West, schools can avoid transfer fees. Before Utah State decided to leave, the league had already earned over $120 million in revenue from the previous four departures.

The Mountain West schools generate nearly $6 million in total payouts annually, nearly $4 million of which comes from pure media values. How much the Pac-12 will earn after it re-incorporates in 2026 is uncertain because it has not yet launched the reconfigured product. The Pac-12 must have eight members to be recognized as an official conference.

What happened in the Mountain West is part of a tense duel between the league, the Pac-12 and the American Athletic Conference. On Monday, the AAC received commitments from Memphis, Tulane, USF and UTSA – some of the Pac-12's top targets.

It has been estimated that it would cost Memphis and the other AAC members more than $27 million per school to leave the league, including exit fees and nearly $2.5 million in lost revenue, posing a problem for the Pac-12's expansion efforts.

The cost of the deal and the lack of guaranteed television viewership from the Pac-12, which is estimated to generate more than $12 million in annual revenue for the schools, play a major role in the decision-making process.