Surprising, of course. But not entirely unexpected.
The future of the P12 is now fully dependent on UW and Oregon. If they stay, the P12 is still a stronger conference than the Big12 and the P12 will poach the Big12.
If UW and Oregon leave, the P12 is a sinking ship and will be raided by the Big12. Whatever is left in the P12 will take the best of the MWC and it will become a G5-level conference.