and here... we... go...
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TLDR: Oregon State and Washington State have filed for a temporary restraining order to keep Kliavkoff from convening a board meeting with the current Pac-12 leadership where they could dissolve the conference and split the current and future assets. The article also has some insight into what those assets actually are.
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OSU, Wazzu filing seeks control of Pac-12's future
Oregon State and Washington State have filed a legal complaint against the Pac-12 and commissioner George Kliavkoff, with the heart of the dispute being the distribution of the conference's remaining assets.
TLDR: Oregon State and Washington State have filed for a temporary restraining order to keep Kliavkoff from convening a board meeting with the current Pac-12 leadership where they could dissolve the conference and split the current and future assets. The article also has some insight into what those assets actually are.