Within the MPTZ, we don't have any more AAU members. So the academic focus would be on whether they are Tier 1 for research. It would be very hard for Pac-12 presidents to approve members that are not Tier 1. (All current Pac-12 members are Tier 1.) Within this, it's also important to note that research into agriculture is discounted by presidents as it is by the AAU, so any Ag schools that are Tier 1 may not really be looked at as such by the Pac-12 presidents. I'd posted this in another thread, but it bears repeating.
Carnegie Foundation classifications from 2-1-16
R1 in Footprint (or pretty close to geographically contiguous - only including Big 12 & G5, no B1G or SEC)
Colorado State
Hawaii
Houston
Kansas (also AAU)
Kansas State
New Mexico
North Texas
Oklahoma
Rice (also AAU)
Texas Tech
Texas (also AAU)
Tulane (also AAU)
R2 in Footprint (high research, but don't currently cut it)
Baylor
BYU
Idaho
Louisiana-Lafayette
Nevada
New Mexico State
Oklahoma State
San Diego State
SMU
TCU
Tulsa
UNLV
Utah State
UTEP
UTSA
Wyoming
R3 (these are pretty much hopeless)
Air Force
Boise State
Fresno State
Louisiana-Monroe
Louisiana Tech
(I couldn't even find SJSU on the list)
Based on this, Pac-12 expansion within the existing basic footprint on academic research viability is probably Hawaii, New Mexico, CSU, Nevada, UNLV, Utah State and SDSU as worthy of consideration if they have an ongoing plan that's positioning them where they need to be on research. But none are AAU. The president wouldn't object to an R1, I don't think, so if Larry Scott pitched Hawaii & New Mexico for a Pac-14 they'd probably vote "yes" since both are flagship R1s that are focused on non-Ag research that fits well with the research focus of the rest of the Pac-12.
Best options for the presidents are actually the schools in the Big 12 footprint that they could snag. Kansas & Texas lead the list (AAU & R1). Oklahoma, Texas Tech and Houston would get a "yes" vote (R1). Tulane (AAU & R1) would be an easy "yes" from the presidents even though it would be a tough sell to the ADs and probably also be tough with the execs at PACN. Rice (AAU & R1) would also likely get a "yes" from the presidents, but is likely way too small of a school to be considered for a P5 conference.
My guess:
1. Hawaii causes too many travel problems and time zone problems for broadcast to be viable.
2. New Mexico and 1 of Nevada/UNLV are the best fits if they do some things the conference would require.
3. The money grab that the conference would support is in the states of Kansas, Oklahoma, Texas and Louisiana with the following candidates: KU, OU, UT, UH, TTU and Tulane.