When compared to other Power 5 conferences, the Pac-12 is struggling, paying out significantly less money to member schools than other major conferences.

As the Pac-12 continues to lag behind, conference leaders are considering a drastic measure — selling part of the conference to the highest bidders.

Per documents obtained by OregonLive.com, private investors could soon own up to 10 percent of the Pac-12:

The “Pac-12 NewCo” plan was introduced to the conference presidents and chancellors at their mid-November meeting and was subsequently discussed in a conference call in December, per sources. Private investors would own 10 percent equity in the newly formed entity in exchange for a $500 million investment.

Of course, this isn’t a done deal yet, and it remains to be seen if anyone would even be interested. Still, this isn’t necessarily a good look for the Pac-12.