Gov. Newsom and the Board likely have some recourse they can take against UCLA. The question is how much is it. They definitely can't force the Big Ten to take Cal. They also probably don't want to force the Big Ten to reconsider taking UCLA. They need that money. If the Big Ten thinks this is going to be too much could they reject UCLA? That is a bigger question. I think what Gov. Newsom fails to recognize is that there are plenty of other belles at this ball. For all the crap it seems to get on this board Stanford is very much a legitimate contender to join the Big Ten. They have the academics, but they also have a well respected athletic program. I am sure the networks know which schools draw viewers, and I have to think Stanford does better than people think. They are also a traditional opponent for a school in Indiana which might have some pull with that school to join the Big Ten.
I don't see Cal being very high on anyone's list of conference realignment choices. Their best bet is probably for the Pac to absorb part of the Big 12. I believe the Pac as of today is in a better position than the Big 12, but if they lose any other schools that is flipped. I think several of the Pac schools don't want anything to do with the B schools in the new Big 12. The 4 mountain schools are probably open to those two.
The Big Ten has a lot of options, and I think one of them might be appealing to a certain SEC school that has begged to join the Big Ten for years. Nebraska has never brought the markets they were supposed to in the deal. There are also schools on the East Coast that have appeal to the Big Ten (BC, 'Cuse, UConn, UVA, Duke, and UNC). I don't think being competitive is an issue right now. It is about creating content and drawing viewers. If a school can do that then they are a candidate.