From a University of Arizona press release on the new Pac-10 Pac-12:

Pac-10 Commissioner Larry Scott today outlined divisional alignments for the Pac-10 Conference, to begin with the 2011 football season.

Scott spoke at a news conference in San Francisco, and provided details on new football divisions, which puts the University of Arizona, Arizona State, Colorado, Utah, USC and UCLA in the new Pac-12 South for football. Washington, Washington State, Oregon, Oregon State, California and Stanford will make up the Pac-12 North.

"The objective was to create a modern 12-team conference for the long term," Scott prefaced in his remarks.

Another key for the unanimous move forward — with all schools' CEOs voting favorably — was a revenue-sharing model that will become equal in several years.

The league's football teams will continue with a nine-game schedule, with teams playing each of their divisional partners every year and playing four of the cross-divisional opponents. However, also approved was a guarantee that the four California schools will meet each year in football, and alternate only two cross-divisional games.

Additionally, the Pac-12 will hold a football conference championship game in 2011, to be held at the home field of the team with the best overall conference record, using a tie-breaker system if necessary.

Men's and women's basketball will continue with an 18-game conference schedule including home and home games with natural rivals (ASU in UA's case), plus six rotating home and home matches with teams and six single-game annual matches with other league squads. All other sports will not involve divisional play, he said....

Scott said the Pac-12 football championship game would be licensed on its own, as opposed to being part of the league's TV contract, which expires at the end of 2011.

The Pac-12 basketball tournaments are expected to include all 12 teams, Scott said, although details have yet to be worked out.