Memphis, Tulane, USF, UTSA commit to AAC amid Pac-12 interest - ESPN

Some of the highest profile targets of the Pac-12's expansion have rebuffed their interest, as Memphis, Tulane, USF and UTSA all publicly committed to stay in the American Athletic Conference on Monday afternoon.

The schools announced their intentions on social media, which solidifies the AAC in the short term and leaves the six-team Pac-12 in flux as it searches for at least two more members to complete it's rebuild.

The Pac-12 added Boise State, Fresno State, Colorado State and San Diego State in recent weeks, with the goal to create clear-cut fifth best football conference. The school is in discussions with Gonzaga as a basketball addition, which sources told ESPN would come with a full revenue share. ESPN's Kyle Bonagura is also reporting preliminary discussions with Saint Mary's for the Pac-12.

But some of the Pac-12's momentum to become the top football conference outside the power four leagues has stalled, as Memphis loomed as the linchpin of any potential additions.

The schools issued statements filled with typical jargon about student athletes and academics. But the reality is that a significant financial risk loomed if any of them decided to join the Pac-12. AAC Commissioner Tim Pernetti has been aggressive in attempting to leverage private equity money to help boost cash flow in the league.

The four schools released a joint statement that said: «While we acknowledge receiving interest in our institutions from other conferences, we firmly believe that it is in our individual and collective best interests to uphold our commitment to each other.»

The exit fees from the AAC loomed as big factors, as SMU paid $25 million to exit under the 27-month window. If you factor in revenue loss, that means projected $27.5