No source here. But it wouldn't shock me if they circle up with other elite academic schools and make a "nerd" conference. Their academic endowment is more important than competition on the football field. Cal hasn't been relevant in football or men's basketball in over a decade. Stanford had been fading lately.
The problem is that you run out of FBS options very quickly, so they might need to drop down. The full list of AAU schools in FBS not already in a P5 conference: Rice, Tulane, Buffalo. And one of those three is nowhere near the other two (let alone Cal or Stanford). Northwestern, Vanderbilt, and Duke aren't giving up on their gravy trains to go join these nerds.
