Ultimately, folks, I see it like this:
We're out of the Big 12, which means we'll be in a great conference alignment no matter what. The Pac-12 North is decisively tougher than the Big 12 North. There, us (for most of the run) and NU ran the show, with KSU in the mix until Snyder retired. In the Pac North, Washington is a championship legacy like we are, Oregon is the "new money" power school, Utah is on the way to becoming the next Oregon and Oregon State has been pretty tough for awhile now. The only bad team is WSU, and even they have two Rose Bowls in recent memory.
I guess my point is: CU is in the Pac-12 and that's really all that matters. The Buffs will play plenty of games in areas friendly to us and our alumni will have easy access to our games in SoCal, NorCal and Arizona. Plus, we should just feel fortunate enough the program as is was so excitedly offered. We have little room to gripe and the California schools have all the power. CU is a rookie in this league and honestly, we're beggars, so we can't be choosers.
Thinking more about it, I think the perfect setup IS CU and UU in the South, with Cal and Stanford in the North and two protected cross-division opponents. That would mean the Cali schools could all play each other and the Ore/Wash schools still have one guaranteed Cali game a year. The only way this league will be successful is Cali being split up (like it should be in real life, btw). The bonus with that is a USC-Stanford or Cal-UCLA CCGs. Those would be big winners with the league because of those team's rivalries with each other.
All that said, I think CU could cultivate very nice rivalries with the north schools. I think CU wins regardless -- even though the South trail is likely the bigger win.