Despite what press releases may say, I honestly don't think media markets matter in the same way they have in the past when it comes to priorities. The carriage fees discussions that went on when Rutgers and UMD were on the table are quickly becoming afterthoughts as the streaming landscape kills cable and satellite. And although I may definitely be mistaken, I don't perceive Northern Cal to be a talent-rich area, especially now that the league has cornered the market in SoCal.
I would love to see Stanford make the cut, but I do think Oregon is a more logical choice (if it's a question of "either/or") - deep, perpetual commitment to athletic excellence basically forever with Phil Knight money. And Phil isn't about to let Oregon languish in the Big XII, where they could win the championship year-in and year-out and still be excluded from future playoffs.