This is why none of this is very straightforward. There's not some sort of $ value that you can easily attach to a team.
This is spot on. The biggest mistake people, specifically reporters, are making currently is stating their industry sources claim so and so "doesn't have value". That is a complete over simplification. Does Texas and OU have value? Sure, they are in a football crazy part of the world, that is growing in population, and they have a history of success. The difference between Oklahoma and Oklahoma State isn't population or cable audiences or that Oklahoma State isn't valuable or whatever, it is that Oklahoma is easier to market. Far less work for ESPN, because the brand is national.
The next round, and there will be another round in the next two years prior to a potential seismic shift within the next decade the way things are progressing, isn't about cable households, that was the last round where it was about forcing people who didn't watch your games to pay for your channel. That's done, these channels are national, this next round will be about who is marketable. Who will increase interest in what I already have.
In the Big 12, none left rival Notre Dame, Ohio State, Michigan, Texas, Alabama, Georgia, Florida, as the big dogs, but neither does any other team in any other conference. That doesn't mean they're worthless.
I pulled all the numbers from last year's tv audiences to get a view of how they could be marketed. I don't have a place to post it all at the moment, so I'll try and keep this simple; of those five, Oklahoma State, Iowa State, and West Virginia stood out as the highest potential.
West Virginia (#5 in B12): Closer numbers to the Hawkeye's audience, but draws big numbers in Pennsylvania, Virginia, and the DMV, far bigger than Pitt, UVA, and Maryland and behind only Penn State/Ohio State in the area. They did that without really playing anyone geographically around them, which reduces interest. Rivalry games are rarely in two different regions.
Oklahoma State (#3 in B12): Surprisingly their numbers put them at about 75% of Oklahoma's draw, which is pretty respectable. Fun fact, the average audience difference between Texas/Oklahoma and Oklahoma State is the same difference between Oklahoma State and Iowa/Nebraska.
Iowa State (#4 in B12): Slightly behind Oklahoma State's numbers, they averaged 500-600k more viewers, per game, than both Iowa and Nebraska, had the largest non-playoff post season audience for both the Big 12 and Big Ten, and they did that by not really playing anyone geographically around them. Like Oklahoma State, their numbers were actually closer to USC/Oregon than Iowa/Nebraska.
(Rounding it out for the curious: Kansas State [6], Texas Tech [7], TCU [8], Baylor [9], and Kansas [10])
As an example, the Big Ten (All other things aside, e.g. AAU, politics, "sources", etc) could add ISU and WVU and market a bunch more games to people already within the footprint they own. WVU would spark Maryland and Penn State and Iowa State could spark Nebraska, Iowa, Wisconsin, Minnesota. When the average CFB national audience is 2m people, you don't really need a big market to be successful. You just need people, regionally, to care enough to turn on the game.
I could likely write for days on viewership and/or how these media contracts work or how they could really make some money in the next deals, but this is already long enough to induce comas. The TLDR at this point: going forward value is based on marketability, not location. Look for those opportunities.