AAU Member: No (Ended membership in April of 2022)
Top 40 Revenue School: Yes (#39)
Top 120 Academic National University: No (#127 tied)
Top 30 tv/streaming market: No (#68)
The main question is why would Iowa State and its football program want to leave the Big 12 and join the Pac-12 conference. For one, it would possibly aid them in recruiting the state of California which has a large number of student-athletes in comparison to many other states, who go on to play division one football. The Cyclones being able to play conference games in the state of California and along the West Coast would give Iowa State more opportunities to recruit in the most populous state in America and in other areas they have not heavily recruited in as well.
Some skeptics can make an argument that Iowa State would be a unique fit as it would expand the Pac-12 into the Midwest but conference expansion has shown that geography is being less and less of a factor to consider in conference expansion.
This would not be the same as the Big Ten breaking into the Los Angeles market with the additions of UCLA and USC but it would be more than a symbolic move and more of a statement that the Pac-12 is invested in expanding its conference further east.
Iowa State has proven over the past decade to be a strong and solid football program and has played some great football as of late with the exception of last season. There also is little doubt that the Cyclone has a very supportive and passionate fan base which would be welcomed by the Pac-12.
They also have a top 40 athletic generating revenue program which is good among current Big 12 conference members but the Iowa State have the same obstacles that Kansas has and a move to the Pac-12 may help generate new types of revenue for their programs. Like the Jayhawks, the Cyclones leaving the Big 12 to join the Pac-12 is not likely but to say that at has a zero chance of happening is not accurate as well.