There were 2 main reasons for leaving the big 12.
1) From a competitive standpoint UT and to a lesser extent OU have athletic budgets and revenue sharing models that made it unrealistic for other teams to compete.
2) The large alumni base on the west coast.
Moving to the PAC was going to align CU with athletic budgets closer to theirs, and allow them to have multiple games on the west coast in front of the large alumni base.
Bringing UT, OU and other Big12 leftovers into the PAC completely destroys all the benefits that CU was going to realize by moving away from the Big12.
I hope UT can hold the Big12-3 together for at least 2-3 more years.
1) Equal revenue sharing in the Pac-12 (16). If anyone was thinking this meant we didn't have to step up our game with donations and ticket purchases, they read the memo wrong. The arms race didn't stop, we just gained some breathing room.
2) We still connect with our west coast alumni. The unfortunate thing is that we lost our Texas alumni, which represent one of the largest groups outside Colorado. I think it's second (or third behind Illinois).
I think your last sentence captures it. If this thing is going to happen, let's hope it's in 2014 or 2015 rather than 2012.