As AAC courts Air Force, where do Memphis, Tulane stand?

Air Force has re-emerged as a top target to join the American Athletic Conference, sources tell On3.

The Pac-12 added Boise State, Colorado State, Fresno State and San Diego State last week, swiping four core members away from the Mountain West Conference. They will join for the 2026-27 academic year. The move left multiple MWC institutions, including Air Force, with a fractured conference and questions about their future status.

The Falcons were previously in talks with former AAC commissioner Mike Aresco but those talks fell apart. News of Air Force becoming a serious target for new commissioner Tim Pernetti and the AAC was first reported Monday by ESPN.

Leaving the Mountain West for the AAC makes sense on paper. Army and Navy are already in the conference. Playing in the “American” conference also makes sense for a service academy from a branding perspective, a source told On3.

Pernetti was previously the president of IMG Academy and executive vice president of the global sports and entertainment giant Endeavor. Compared to Big 12 commissioner Brett Yormark by sources for his business background, Pernetti could create programming around having all three service academies in his conference.

Air Force also offers the Denver television market, ranked 17th in the nation. Air Force has been successful in football under Troy Calhoun, cracking the AP Top 25 poll and making 13 bowl appearances.

“In the past five months, we have prioritized seizing every opportunity that enhances value for our member institutions and student-athletes,” Pernetti said in a statement Monday night. “Whether through private capital, naming rights, innovative partnerships, or realignment, we have proactively assessed each opportunity, and are prepared to collaboratively take action-steps, to be at the forefront of success and sustainability.”

When news broke of the Pac-12’s expansion play last week, Air Force was linked to the revamped league. The Falcons have also long been viewed as a candidate for the AAC.

Where does AAC stand with Memphis, Tulane?

Adding Boise State, Colorado State, Fresno State and San Diego State with Oregon State and Washington State was just Phase One of Pac-12 expansion plans. The league needs to add at least two more schools to reach the NCAA’s minimum to qualify as an FBS conference. The deadline to reach eight schools is July 2026.

Sources told On3 last week that American Athletic institutions Memphis and Tulane are two of the top targets for further Pac-12 expansion. The programs are not in a rush to leave for the Pac-12 and are continuing to evaluate options in the AAC, multiple sources told On3 on Monday.

Pernetti has been outspoken about exploring private equity. In April he called it an “opportunity” and has continued to be one of the most aggressive commissioners in looking into P.E.

“Private equity has been heavily investing in sports for an extended period of time already,” Pernetti said at the time. “And it’s like it’s circling the neighborhood in college sports but hasn’t parked its car in anyone’s driveway yet. I think that’s inevitable.”

Sources tell On3 that the AAC could offer schools growth opportunities. The league could even follow the ACC’s lead and introduce a “success initiative” to reward schools that win with higher College Football Playoff payouts, but that remains to be seen. Does Air Force bring more value to the league’s television deal with ESPN?

But as the AAC courts a new member in Air Force, Memphis and Tulane will continue to evaluate. Do the schools want to have a drastic change in travel schedules will be a big question. Both have won at a high level in the AAC, too.

Watching how Boise State, Colorado State, Fresno State and San Diego State handle the move to the Pac-12 will be crucial. Plus, the House v. NCAA settlement still needs to be approved by Judge Claudia Wilken.