1. I agree with your earlier point that travel costs will not drive decisions at this level.
2. Do you think the Big XII's current contract is undervalued in the market? I would think that, relative to their competition, they have to be pleased with where they are.
The Big 12 contract seems a bit rich to me actually, even in this market. Now, if they added FSU, Clemson, Georgia Tech and someone else, I would say it may be undervalued. I think only two leagues are currently undervalued: the ACC and MWC. We don't know what the Big East contract will be and we don't even know what the Big East will be, so there is no way to assess that deal. The MWC signed the worst deal in college sports history. It baffles me how that league continues to add teams with that horrific deal.
I think the ACC deserves $20MM+ a year based on the other deals signed, relative market size and attractiveness, ratings, etc., and subjectively, I would have assumed that the ACC was worth more than the Big 12 on a per team basis. Swofford was rumored to be preparing for arbitration to get $21MM/year/school, and then abruptly dropped the whole thing, settling out at $17MM. It is worth noting that the ACC may not have increased its take on a per game basis at all. They simply added more inventory to the contract.
EDIT: MATH IN THIS POST WAS A BLOODBATH. TOTALLY screwed UP. RUSHED AT END BECAUSE HAD TO GET BACK TO WORK. WILL FIX IT LATER.
THAT is why FSU is so angry.
The contract has nothing to do with "what is the ACC worth", and everything to do with when the ACC signed the deal and what they can do about it now.