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Finebaum: College football likely headed toward two superconferences (2:05)

USC and UCLA are moving to the Big Ten. There is a time and a place for it.

3:05 PM ET

The presidents and chancellors of the Pacific-12 authorized the conference to explore all expansion options after USC and UCLA decided to join the Big Ten.

The statement said that the university presidents and chancellors were committed to academic and athletic excellence.

According to a source within the conference, it's wide open as far as who the conference would consider inviting, but that the Big 12 and the Atlantic Coast Conference are worth exploring. There has been no indication from the Big Ten that Oregon and Washington want to join it.

The source said that everyone was playing it close to the vest.

USC and UCLA will join the Big Ten in August of 2024. The league's future is being secured, according to a second source. The Pac-12 was surprised and disappointed by the news of USC and UCLA leaving the conference.

"We have a long and storied history in athletics, academics, and leadership in supporting student-athletes that we're confident will continue to thrive and grow into the future." Many of the world's best universities, athletic programs and alumni are located in the Pacific-12. We are steadfast in our commitment to retain the title of Conference of Champion.

We look forward to partnering with current and potential members to pioneer the future of college athletics, and we will continue to develop new and innovative programs that benefit our member institutions.