This is a great discussion, folks. Keep it up. Love the debate and the intelligence being applied.
Now, for random lurker swooping in with random thoughts. I've tried to read as much of the last 39 pages as i could, but I"ve probably missed stuff, so forgive me if I duplicate something:
The whole discussion on viewership and impact of distribution - over the past decade, there has been a renaissance of media consumption (for better or worse for society). THis isn't just sports, this is pretty much everything. The proliferation mobile broadband has allowed people to watch whatever they want, whenever they want. This has, in turn, led to a lot more competition in distribution - including OTT services (Apple TV, Amazon. Roku, etc.) along with new formats of traditional channels (e.g. Youtube TV). Huge sums are $ are being thrown around by these companies (many of which are already large and cash rich) for content. This has ended up benefitting who else? The content creators including, yes, sports.
Long way of saying, sports is mostly no different than other content creators. There is some difference including the live element as well as broad demographics of viewers (which has helped traditional cable distributors hold on to these properties better than most others). But, overall, they're just another boat that has been benefitting from the rising tide.
Turn to today, you're already seeing this consumption growth theme slowing down. Just look at Netflix's stock price the past year. There's been a race to build as much content as possible for every service (traditional cable + Disney+, Peacock, HBOMax, the aforementioned Apple TV, Prime etc etc etc...there just so many). But once you hit the limit of how much people are going to actually consume, the tide stops rising.
So what do the boats do then? Well, in almost every other industry in history that faces this dilemma (over capacity driven by chasing growth then growth slowing), there's consolidation. This is what I believe we're seeing now. It's not so much the Big Ten (or whomever) accelerating growth by adding new markets, it's more them seeing the inevitable and positioning themselves accordingly. It's perfectly rational, and those that don't move typically lose out.
Now, I fully agree that doing this rational move from a business perspective is at odds with the rational move from a traditions perspective. Should college programs act like pure businesses? I personally don't think so. But with things like NIL, I think there will be an alienation of some portion of your fan base. Longer-term, I actually agree with Chief that the fanbase will be smaller in 10 years. But i don't think that it'll be because of the future TV deals. I think it's the opposite, I think the fanbase is becoming saturated and fans are increasingly becoming disinterested in the product (for various reasons including things like NIL, competition from other content etc etc), and the TV deals will be reflective of that reality (the ones left will pay up for whatever service they need to).
Someone mentioned F1 as another example of going down the wrong path. I'm a big F1 fan, and I disagree for similar reasons. F1 has been doing what they're doing for 15+ years now, just in a slightly different approach. Before Liberty media took over and Bernie Ecclestone was running the show, he took the "go to the highest bidder regardless of what the market is". That's when we got races the have no real markets/demographics/opportunities behind them like Bahrain, Azerbaijan, etc. The customer there is the governments of these countries, and there wasn't any real thought as to the bigger picture. At least LIberty has a broader strategy in play here. Adding Miami and Las Vegas is doing so for markets that can actually be self-sustaining and add more to the whole. Now they'll still be negatively impacted by the tide no longer rising like other products are, but as long as Drive to Survive is a hit and drawing new eyeballs to the core product, their boat will just be getting bigger while the others stay the same.
Sorry for the long post...just sharing thoughts. Continue on with the great chat!