Rice doesn't give you Houston, and SMU doesn't give you Dallas. Both of those schools are probably third/fourth/fifth fiddle even in their own hometowns behind Texas, Texas A&M, TCU (Dallas) and Houston (in Houston), and maybe even Baylor. I honestly don't see how they add anything to a media deal. Same with Tulane. They have an enrollment of ~7,000 undergrads, and are absolutely dwarfed in that market behind LSU.
If I'm GK, I'd be looking to add a flagship to go along with SDSU. IMO Kansas makes way more sense in a media deal than SMU, Rice or Tulane. That may not be the right move from a football perspective, but will literally get you the entire Kansas City market from an eyeballs perspective.
Either way, the roadmap will be drawn by the media partners, not the PAC 12 leadership.