Sources: UNLV exploring options after Utah State joins Pac-12

UNLV is expected to reengage in conversations with the Pac-12 after its commitment to the Mountain West earlier in the day was not formalized, sources told ESPN on Monday evening.

UNLV agreed to a memorandum of understanding to return to the Mountain West, but that was predicated on all eight remaining schools agreeing to stay, sources told ESPN.

When Utah State decided not to return and go to the Pac-12, sources said UNLV officials agreed to pause and further explore their options. UNLV was set to take a deal from the Mountain West that included it and Air Force receiving a significant lump payment to stay in the league and be one of its linchpins.

The decision by UNLV to explore its options leaves the Mountain West potentially in flux, as Air Force's commitment earlier in the day and UNLV's initial commitment Monday were viewed as positive signs that the league could leverage its buyout money from the departing schools to stay together.

Part of the Mountain West pitch is that the league would ensure no schools take a step back in media distribution money, which is guaranteed, compared with the projected revenue the Pac-12 has presented to some universities.

With Utah State leaving and UNLV exploring options, the Mountain West is left with commitments from six schools for the 2026 football season: Air Force, Hawai'i, New Mexico, Nevada, San Jose State and Wyoming. The conference will need to add at least two more football-playing schools by 2028 to abide by NCAA rules.

Staying in the Mountain West will allow the schools to avoid exit fees. Before Utah State decided to leave, the league was already slated to bring in more than $120 million in revenue from the previous four departures.

Mountain West schools are making almost $6 million annually in overall payouts, nearly $4 million of which is from pure media value. How much the Pac-12 will earn when it is re-formed in 2026 is uncertain as it hasn't taken the reconfigured product to market. The Pac-12 needs to have eight members to be recognized as an official conference.

What has happened on the Mountain West landscape is part of a high-stakes stare-down between the league, the Pac-12 and the American Athletic Conference. On Monday, the AAC got commitments from Memphis, Tulane, USF and UTSA -- some of the Pac-12's highest-profile targets.

It was projected to cost more than $27 million per school for Memphis and other AAC members to depart the league between exit fees and nearly $2.5 million in lost revenue, presenting an issue for the Pac-12's expansion efforts.

The buyout cost and lack of a guaranteed television number from the Pac-12, whose estimates project revenue of more than $12 million annually to schools, loom large over the decision-making.