I don't think that the viable candidates are offering AAC money only, but your premise is sound. Subba's analogy to a one-on-one negotiation is lunacy. There are multiple bidding parties and the alternatives to getting an invite are so unsavory that you can guarantee that the bidding will be aggressive.
But all candidates are not equal, if they were then they'd just pick them at random. Do you really think there are more than 4 viable candidates that can get 8 votes? Sure, the XII might be self destructive. The first rule of negotiation is being able to walk away from a bad deal. Now, what we currently have is beyond a bad deal, so we can take a lot, but this isn't a one time transaction. The XII doesn't want a team that is going 0-12 every year in both revenue sports, they can't pick teams that their media partners don't want if they want to maintain their relationships for later.
If your school is one of the four, then the XII has already invested in you. Maybe the last spot is a toss up, but I doubt it. BYU is a go/no based on other factors. UH is a go/no go based on what UT needs out of them politically. Cincy, UConn are the two most valuable properties, UCF/USF are trading academics for location. Memphis is not a serious candidate. Those are the six options for four spots (two isn't happening for all the reasons stated). Would the XII looking for the best academic, brand, media, value programs trade them for a measly $1M? No, the wouldn't.
You don't enter the room with your take it or leave it offer. This isn't a transaction. It's a relationship. You talk about anything and everything but the numbers. You talk about things you know you agree upon. You build that relationship. By the time you get to the numbers, they want to keep you happy as long as you are within their take it or leave range.
Remember, a partial share to start is the market benchmark. But, for how long? What other revenue avenues are left? What about new revenue sources? What about things that we care about that they may not care so much about. What kind of transition assistance can we expect, the B10 learned a lot from its PSU expansion. The XII isn't looking for Mad Max blood bag.
We may not even have to negotiate nor want to. But the idea of a zero or minimal revenue share isn't worth it. P5 or no P5. The GOR runs another 8 years. If the XII won't allow us the opportunity meet our P5 potential before the next round in 2024, then why bother? Don't misunderstand, we are willing to eat a lot of dirt but, this can't be a predatory relationship.