The University of Colorado’s decision to leave the Pac-12 for the Big 12 after the 2023-24 season could rattle the business and law of college sports.

Colorado’s move comes only a year after USC and UCLA revealed they’ll be leaving the Pac-12 for the Big Ten in 2024.

Losing Colorado, now led by Pro Football Hall of Famer Deion Sanders, along with two storied programs in USC and UCLA, downgrades the Pac-12—at least in the short term.

The conference is expected to seek replacements, with San Diego State, SMU, Fresno State, Boise State and UNLV possible targets. But whether and when those schools, which are under contract to other conferences and are subject to potential exit fees, can be persuaded to join is unclear.

As if his conference’s dwindling roster isn’t causing enough headaches, Pac-12 commissioner George Kliavkoff also faces expiring media rights deals next year. There are no new deals in place yet.