I'll also add this: if CU actually becomes a tough game for the Trojans year in and year out, I wouldn't be surprised if they started thinking about a. going back on the "all the California schools play every year" Pac12 scheduling footnote (thus getting rid of Stanford 1 out of every 3 years), or b. paring back (not eliminating) their annual date with ND.
An annual schedule against 'furd, UW or UO, ND, a resurgent CU, and a true rivalry game against UCLA would leave pretty much any school looking for outs. A schedule like that every few years, fine. But for that to be the base every single year would be tough. (Incidentally, annual schedules like this are the real reason the B10 schools stopped playing ND every year. Once Pedo State joined the B10, Michigan quickly figured out that having Wisconsin, tOSU, PSU, MSU and ND on the schedule every single year wasn't a very good idea.)
A lot depends on CU getting our **** together and really returning to form. But USC is the target in the Pac12; I think it would be fitting for CU to emphasize the game, and don't be shy about telling people that you're emphasizing it.
A true "rivalry" may or may not ever develop, but if there's a true blue blood in your conference, of course that's where you hang your target.
The ****ers also wear red, and their fans are essentially just wealthier, better educated nubs fans.