The Pac-12 expansion waiting game — the one it is reportedly playing almost exclusively with Memphis — continues.

Last week, the Tigers got swept up in a cacophony of rampant speculation surrounding the reinvigorated Pac-12. The shell of the one-time power conference went on the offensive earlier this month, adding Boise State, San Diego State, Colorado State and Fresno State to its existing membership, Oregon State and Washington State.

Soon, reports surfaced that Pac-12 leadership set its sights primarily on Memphis, among others. Since then, though, substantive action has stalled. The Pac-12 is still stuck on six members and Memphis is still in the American Athletic Conference.

What will happen next? Should Memphis pack its bags and bolt? What would that mean for the Tigers — and for the Pac-12?

Commercial Appeal sports writers Jason Munz, Jonah Dylan, and Wendell Shepherd got together to discuss their respective takes on the matter.

If Memphis joins the Pac-12, would it become the dominant non-power conference in football?

Dylan: It would be the strongest Group of Five (Group of Six) conference and would have the inside track on a College Football Playoff spot each season. The AAC currently has that title, but it’s close – the Mountain West, especially with games this season against Washington State and Oregon State, could certainly put forward a team that has a better résumé than the AAC champion. But, if Tim Pernetti can keep the AAC together as it currently is and add teams, there’s still a case to be made that it would continue to be the strongest football conference outside the Group of Five.

Munz: Yes — and it's probably not close. Sure, Boise State is not your older brother's Boise State. And San Diego State hasn't sniffed the top 25 since the 2021 season. But a triumvirate of the Tigers, Broncos and Aztecs leading the way would almost assure the Pac-12 of the G5's spot in the College Football Playoff for the foreseeable future.

Shepherd: A hypothetical Pac-12 with Memphis and another requisite addition — let's say Tulane — is easily the top dog among a new Group of Five. While there aren't any blue bloods, schools like Memphis, Boise State and the holdover "Pac-2" schools in Oregon State and Washington State, have name recognition and recent enough star power to draw more eyes and television money than any other non-power conference.

What about basketball? Could Memphis moving boost the Pac-12's profile higher than, say, the A10 or the WCC?

Munz: Football almost always drives the bus in conference realignment/expansion decision-making. But basketball shouldn't be ignored. While Memphis making the leap to the Pac-12 would help the refreshed league, it would still probably need to acquire Gonzaga or Saint Mary's (or both) to elevate its stock past the likes of the A10.

Dylan: Basketball is clear cut. San Diego State is already better than anyone Memphis will see in the AAC, and the new Pac-12 will have legitimate depth with Boise State, Colorado State and Washington State coming off NCAA Tournament appearances. There’s also potential for the Pac-12 to strengthen here, with Gonzaga as an obvious candidate for further expansion.

Is all that enough to make it worthwhile for Memphis?

Shepherd: It's far from perfect, but I say yes. If the alternative is sticking in the American while waiting for a Big 12 or ACC offer that may never come, this is the best move for survival. How good of a move it is will depend on the value of the new Pac-12 television deal, but I have to imagine those figures will be better than what the American gives you. A move would make things more difficult and expensive for non-football sports, but that's unfortunately the landscape we live in.

Dylan: There are at least enough reasons to convince yourself. It’ll come down to money and opportunity — OK, mostly money. If the Pac-12 can prove to prospective schools like Memphis that it can deliver a media rights deal that is significantly more lucrative than the AAC’s current deal, that’s likely to be enough to entice Memphis and other AAC schools. The other domino might be just as important. Who else is going? If Tulane, South Florida or UTSA are leaving for the Pac-12, that might be the push Memphis needs.

MEMPHIS ATHLETICS: AAC commissioner Tim Pernetti discusses realignment, calls Memphis a 'terrific brand'

Munz: Best-of-the-rest supremacy, on its own, is not enough. Hence why nothing has been decided to this point. There is far more to the equation. Chiefly, the almighty dollar. There is literally nothing concrete that shows Pac-12 schools will make more in media rights money than AAC schools. In other words, all that other stuff is wonderful. But, above all else, it must be fiscally advantageous. If it can be determined it is, you grab the first ticket out of town. But, so far, no one knows if it would be.

Reach sports writer Jason Munz at jason.munz@commercialappeal.com or follow him @munzly on X, the social media app formerly known as Twitter. Reach sports writer Jonah Dylan at jonah.dylan@commercialappeal.com or on X @thejonahdylan.

This article originally appeared on Memphis Commercial Appeal: Should Memphis jump at a Pac-12 offer? Why and why not