The Denver Gazette sports business insider is a reader’s guide to understanding the influence of money, politics and power behind their favorite leagues, teams and players:

Sports business insider: The financial future of Colorado State athletics hinges on the next Pac-12 media rights deal.

Short version: Oregon State and Washington State poached four Mountain West schools — Boise State, CSU, Fresno State and San Diego State — to join the new ‘Six Pac’ (real name TBD) in 2026. It must reach at least eight members for FBS recognition. CSU is expected to pay a $17 million exit fee.

The Pac-12 imploded last year when 10 members bolted to the ACC, Big Ten and Big 12. Failures of multiple Pac-12 executives to navigate the evolving sports media landscape are to blame. New conference leadership is expanding with hopes to restore tradition and attract media partners.

CSU sought to join a Power Five conference (now the Power Four) since completing its on-campus football stadium in 2017. It didn’t happen on merit. The Rams have not reached a bowl game in six consecutive seasons. Joining the Pac-12 elevates their brand nationally among so-called ‘Group of Five’ schools.

But CSU’s long-term financial health and relevance is dependent on their new conference’s media rights deal.

Long version: The remaining Power Four conferences are signed to media rights deals that dwarf the Pac-12 and Mountain West.

— The Big Ten signed a seven-year agreement with Fox, CBS and NBC worth nearly $8 billion. Annual distribution to 16 member schools is expected between $80 million and $100 million through 2030.

— The SEC signed a 10-year deal with ESPN and ABC valued around $3 billion through 2034. Average distribution to 14 member schools in the 2022-23 fiscal year was reportedly $51.2 million.

— The Big 12 signed a six-year contract through 2031 with ESPN and Fox worth almost $2.3 billion. The conference anticipates annual per-school revenue distribution of nearly $50 million starting in 2025.

—The ACC reportedly distributed an average of $44.8 million to its 14 schools with football teams in 2022-23. Their media rights deal with ESPN runs through 2036.

In the Mountain West, under their current deal with Fox and CBS, the conference annually distributes CSU and others between $4 million and $5 million in revenue. Boise State receives a “weighted share” of about $7 million as the conference’s flagship program.

Meanwhile, Oregon State and Washington State will play their home football games this season on Fox Sports and the CW. The Pac-12 did not release financial terms. But the San Jose Mercury News reported the deal is expected to generate about $1 million in revenue per game.

The new conference risks slipping further into financial irrelevance. How will it keep pace in the college football media rights arms race? That is the billion-dollar question facing Pac-12 commissioner Teresa Gould.

Key context: The Pac-12 needs creativity to widen distribution of football game broadcasts and increase revenue. Traditional media partners are unlikely to match their existing deals with Power Four conferences.

Amazon Prime Video is in its third season hosting NFL Thursday night games. The e-commerce giant is branching out to NBA, WNBA and NASCAR livestreams. Is college football next? Platforms like Hulu and Apple TV should also be explored.

Turner Sports, which recently lost the NBA on TNT, might be a contender. Turner already broadcasts Mountain West football games on truTV and Max. TNT will also carry two first-round College Football Playoff games in 2024 and 2025. Will the network consider Pac-12 football?

It’s hard to predict the next seismic shift in how live sports broadcasts are consumed. One thing is clear: The Pac-12 can’t get left behind. A traditional media rights deal will not close the financial gap between the Power Four conferences.

It’s possible the Mountain West won’t survive this round of conference realignment. Give Rams athletic director John Weber credit for being proactive. But CSU risks a lateral move — in terms of financial health — if the Pac-12 mimics the Mountain West media rights agreement.

Looking ahead: Forget geography. The Pac-12 should determine expansion candidates based on sports success and television demographics. A short list of sensible contenders: Memphis, University of Texas-San Antonio (UTSA), South Florida and Tulane.

Don’t be surprised if UNLV also defects from the Mountain West. The Pac-12 might add Gonzaga and St. Mary’s College as basketball-only schools to bolster their profile. Traditional FCS powerhouses like Montana and South Dakota State will likely be interested.

A harsh reality: CSU football games are not must-see TV this season.

The Rams lost to the University of Texas and Colorado by a combined score of 80-9. Coach Jay Norvell is currently 9-18 in his third year. Will that be enough to keep his job in CSU’s eventual transition to the Pac-12? The Denver Gazette sports business insider will keep you in the loop.