Not so sure about that.
Ticket sales and concessions account for a lot of revenue. In 2011, with an average attendance of 50,355, the CUAD made ~$9,597,430 in ticket sales revenue with an average ticket price of $30 for games against Cal, WSU, and Arizona and was $50 for the USC and Oregon games. They had an average revenue of $1,919,486/game last year before concessions and merchandise sales. Now in 2012, we only had 45,161 for the Arizona State game, which is a decrease of 4,922 people, or a loss of ~$246,000 in ticket sales. So far, the average revenue from ticket sales is $1,690,043/game and that will keep decreasing when the attendance this year falls into the low to mid 40,000's (say....43K) which is going to lead to losing a lot more potential money. And then you factor in donations decreasing and season ticket sales decreasing they'll be forced to take action, Pac 12 money or not.
My $0.02