Well, as usual, if a longtime lurker like me is posting, it ain't because good things are happening.
I too hold out hope for the BIG (Nebraska rivalry is a key factor for me...having no REAL rivals in the Pac-12 mattered more than most of us probably thought. The recent out-of-conference NU games have shown that even the fumes of that rivalry, at least on the CU side of things, was a bigger deal even after years of not playing that anything in the Pac). Even as a doormat in the BIG we'd have that to look forward to.
But when I was at CU we were in the BIg-8. Believe me, we saw that as more than competitive enough for our situation. The key difference between now and then though might be that someone from our conference back then could still somehow compete with anyone else in the sport (If you ended the season top-5 in the polls, that's what mattered in a national championship sense. If you beat everyone in the Big-8 you were probably going to be in that position).
So to me the question is can you still see a way to a great outcome if you are in a bad (bad is subjective) conference if you have a great year (or put together a few special seasons)? Even recently teams in less prestigious conferences have at least been in the national conversation when they've had very good seasons.
Now in this new world in which we are heading is something like that going to be possible? I don't know. But if it IS (even if we are looking at long shot situations here) how different is this from how things were in the BIG 8? And I only probably need remind the younguns on this site that the Big 8 era was the best in CU history (again, probably a subjective statement...but I think defensible).
Let's also remember that the Pac itself is/was falling behind. We were going to find ourselves in a less important conference just staying in the Pac-12. So even if the LA schools stay the big boys in the sport were pulling away from us. But, just like in the Big 8, if you managed to catch lighting in a bottle one season, there was a road open for you to do special things.
I guess my point is that if you remember CU as the liberal Western Edge of a conservative south-midwestern college football conference then ending up playing all those "flyover state" schools just seems like returning to tradition...not ditching it.
Sorry for the wall of text.