The Pac-12 will continue as a two-team league for the next two years. WSU and OSU get the NCAA unit money and will continue to do so as long as the Pac remains a viable league. They have two years of transition time before they have to either form a new conference by finding teams from other leagues to join them, or perhaps a full merger with the MWC.
They could also possibly be invited to a P4 conference but that is unlikely without a complete breakup of the ACC, which could drive Cal, Stanford and SMU back to the West Coast.
For the next two years, all OSU/WSU sports except football will play as affiliate members of the West Coast Conference (OSU baseball will be an independent; WSU is playing in the WCC). Football has a scheduling deal with the MWC, they will play seven MWC opponents but not be eligible for the MWC championship.