The single biggest misconception in conference realignment is the notion that football in and of itself is what drives value. That's absolutely incorrect. Brand names are the ones that drive value. Sure, a top level football program is going to be much more valuable than top level basketball program. There's no question about that. However, the mistake is in thinking that a league of low level football brand names would be more valuable than a league of top level basketball brand names. Even if you were to argue that a bad football game gets better ratings than a good basketball game, that only tells you a fraction of the story. A football game is expensive to produce and there are only a limited number of time slots that you can play that game in, while basketball is relatively inexpensive to produce and you can place it in virtually any time slot on any day of the week. Those massive dollar amounts for football are in exchange for the expectation that you are drawing extraordinary ratings that few programs are able to garner these days. If you're not getting extraordinary ratings, though, then your value in football goes down. A 1.0 rating for basketball is much more profitable than a 1.0 rating for football. So, what networks need for football are numbers at the 3.0 level or higher for 1st tier games or else you're not going to get a premium for them.
Beyond that, McMurphy pointed out something VERY important in his Tweets last night: Fox approached the Catholic 7 BEFORE they decided to split off. So, if you think that the C7 is getting overpaid, then you might be correct. However, Fox HAD to overpay them in order to make the decision to split. The C7 wouldn't have split if they were merely going to get the same amount that they would have received in a hybrid. It's pointless to try to compared the value of the C7 offer to the Big East offer because the C7 offer was specifically made big enough as a catalyst to get a group of 7 schools to defect from a league, while the Big East offer is a "normal" run of the mill TV rights offer. As a result, you have a situation where (1) Fox actually effectively paid the Big East to split up, so they're not interested in the "New Big East" and only want the C7 and (2) ESPN's interest in the New Big East has been tepid at best. Regardless of whether you go line-by-line and say the Big East *should* be worth more than the C7, the fact is that there's only one suitor here with NBC... and despite what people might wish, NBC has absolutely zero incentive to bid against itself and bid up the price of the Big East as a charitable measure. It's simple market forces - only one network wants the Big East here, so they're going to get paid as if though only one network wants them and there wasn't a bidding war for the rights.