A few of the Pac 12 teams could fund it and might get the necessary support, but in what conference are they going to play? Unless five start programs at the same time, they're going to have to find another home and also have enormous travel costs. But schools like Oregon State, Wazzu, and Utah aren't exactly rolling in endless dough like USC and UCLA. Losing millions per year on hockey in addition to $100M+ startup costs wouldn't work there.
Schools out west are not shy about being affiliated with multiple conferences. For example, the Mountain Pacific Sports Federation has schools from five conferences across five men’s sports and five women’s sports- Big West, Mountain West, PAC 12, WAC, West Coast Conference.
From their web site:
The Mountain Pacific Sports Federation (MPSF) was established in 1992-1993 to serve the competitive needs of member institutions from the Big West, Pacific-10 and Western Athletic Conferences, as well as other selected universities in the western United States; and to provide championships competition for Division I intercollegiate Olympic sports in a conference setting. The founding principles on which the MPSF was originally formed were to provide enhanced competition and championship opportunities for sports without conference affiliation; to contain the costs of competition; and to ensure the survival of endangered sports. The federation has also served as an incubator for emerging women's sports and as a safe harbor for sports impacted by conference realignments.
http://www.mpsports.org/about-us/mpsf-about-us.html
Just look at water polo. It’s a popular sport out west, somewhat like hockey in the east. The assorted conference affiliations will make your head spin.
So, just as a hypothetical, UCLA, USC, San Diego State, San Jose State, Stanford, Washington, and maybe Oregon or Portland State could start hockey programs and play in the MPSF. Maybe Air Force and ASU join them.
Just need a half dozen or so Pegulas.