This is a great thread started by the OP. They make many great points about the realignment landscape. I’d like to push back some on the bolded. Iowa State’s attendance trajectory predates Campbell by five seasons. From 2006-2010, Iowa State averaged 46,795 spectators per game. In 2011 there was a significant increase, buoyed by the relative success of Paul Rhoads and the growth of the university at that time. From 2000-2007, average enrollment was 26,503 students. In the following years enrollment would reach a high point of 36,660 students in 2016. From 2011-2015, all under Coach Rhoads and including the 2013-15 seasons that totaled eight wins, ISU averaged 54,599 fans, an increase of 7,804 over the previous five seasons and vaulting ISU into the mid-30’s in national attendance. From 2016-2019, under Matt Campbell and with a stadium expansion that brought capacity above 60k for the first time, attendance has been up 1,974 fans per game over the previous five year period, with that figure still trending up.
Of course if ISU were to revert to being a two win team, attendance would suffer. But the floor is at least provably higher than during the last round of realignment, and Big Ten membership would only raise it. As the OP stated though, none of this necessarily matters. Food for thought.