Jon Wilner of the Wilner Hotline has a sense of where this might lead if the Board is serious about punishing UCLA. I like the theme:
Multiple sources believe the regents will explore forcing the Bruins to subsidize Cal’s athletic department, which stands to lose millions annually in Pac-12 distributions because of the loss of the Los Angeles market. The details of a power move by the regents are unanswerable at this point, including how the money would be redirected. We aren’t sure they can touch Big Ten revenue; instead, they might have to hit UCLA’s state allocations. Either way, a loss of revenue for UCLA’s athletic department could carry significant repercussions. Why? Because the Bruins are already in debt. Huge debt. Colossal debt. Before COVID, they were facing a multi-year shortfall of approximately $40 million. According to the L.A. Times, the bill has grown to $100 million. That, not the desire to spend weekends in Iowa City, is why the Bruins are leaving their longtime home for a conference 2,000 miles away. The massive windfall from joining the Big Ten will allow them, eventually, to climb into the black. Chancellor Gene Block cares about UCLA’s athletic department only to the extent that he doesn’t have to pay for it. He saw the Big Ten move as a get-out-of-debt card and used it. But if the Bruins are forced to divert a significant sum annually to Cal, they won’t have the resources to support their programs, including football, at the level required to thrive in the Big Ten. The last thing the Bruins want is to start their new existence without the ability to reinvest. Just ask Maryland and Rutgers what that’s like.

do they still ekect Mooooselim terrorist to office in Minn?
Let those big, bad Regents beat UCLA football, something USC couldn't do, right guys?
Is Cal really losing millions? I think they will end up with about the same as they were receiving before, about 30 million per year. They just wont be gaining millions. Maybe Cal should have been thinking about this over the last 50 yers, when their product was basically crap, except for a couple of seasons.
Sure. That makes sense. Have UCLA subsidize another program so that both programs can have less money and continue to be shitty. Brilliant! No wonder California is so fucked up. Those of you who choose to still live there are out of your fucking minds.