Maybe, but the UC BOR is essentially a political body. And none of them have their own skin in the game. They can make a decision for the sake of political grandstanding, or out of emotion, or both. Even if the decision is financially ruinous, they can self-justify it for any number of reasons, none of which would make sense from a financial point of view. Imagine if CU, CSU, UNC, Mesa, and Western State were all under same politically appointed BOR, and CU was leaving a conference where CSU was a member and move would be a financial benefit to CU, but a loss for CSU. I could see such a BOR killing the deal.