Davis is an interesting case. I think this is a win for them. They take a lot of "minor" sports somewhat seriously, and going MWC (including hoops) is an upgrade for them. I also think it makes sense to pause on moving football out of FCS and into FBS at this time. The current NIL/Portal/linear vs streaming, etc., scenario is unsustainable. ESPN has not yet killed the golden goose, but they have greedily bled it pretty badly and something is going to change over the next 3-5 years. It is for darned sure that the next round of P4 media contracts will not be the same. If I were the Davis leadership I'd want to wait and see how things shake out before moving in football...but the rest of the sports bumped up a notch, and the door to moving in football will undoubtably be open if/when it looks like it makes sense at some point in the future, under different (any at all) rules. Don't underestimate Davis's stroke within the UC system, alum groups or the CA legislature. That is one reason why Cal and UCLA did all they could to hold Davis back. For those of you who did not know, Davis split from Cal over 100 years ago to become the second UC school and CA's "Ag & engineering" school. They are generally considered to be the 3rd hardest UC school to get into, after Cal and UCLA (and marginally ahead of UCSD, who is marginally ahead of Irvine, etc., etc.).
Also recognize that Gloria and the MWC are keenly aware that they are losing significant California presence to the NewPAC. Davis is a partial answer to that. If things go well for Davis, expect their arch rival (Cal Poly SLO) to follow.