On Saturday night, Cal and UCLA will face off in the final regular-season football game for the Pac-12 as we know it. Going forward, the conference will only have two schools and no media deal.

Beginning in 2024, Oregon State and Washington State will be the only remaining members. The dominos began to fall with UCLA and USC, which announced their intentions to join the Big Ten in 2022, and continued this summer with the exits of Colorado, Arizona, Utah, and Arizona State to the Big 12 and Stanford and Cal to the ACC.

The reason for the collapse: The conference failed to put together a compelling offer for a new media rights package. The final offer was a deal with Apple that guaranteed little more than $20 million per school and provided far less reach than the linear networks offered to the Pac-12’s competitors.