Why is football valued by the media ? Viewership
During the 2019-20 season, not one regular season basketball game topped 3 million viewers (UNC-Duke rated highest at 2.67 mill)....in the 2019 football regular season, over 300 games topped 3 million viewers
Let's look at it in a simple way.
In 2015, NCAA football games average 1.9 million viewers across the networks while college basketball games average 440k viewers. Lets say football schedules are 12 games and basketball schedules are 35 games, lets calculate viewer-hours for an average P5 school:
College football: 1.9 million viewers x 12 games = 22.8 million viewers x 3 hours = 68.4 million viewer-hours
College basketball: 440k viewers x 35 games = 15.4 million viewers x 2 hours = 30.8 million viewer-hours
So, based on viewership, college football should be 70% of revenues and college basketball 30% for an average P5 school. Conferences skew to the two different sports in material ways. For example, I would assume the SEC numbers probably work out to 85% football and 15% basketball and the ACC numbers work out to 60% football and 40% basketball. Maybe the addition of the Notre Dame games increase the football % higher in the ACC.
Remember, the above number are based on one team in a P5 conference. There are many more college basketball games aired from non-P5/G5 conferences, so overall college basketball viewership is higher % than in the above example.
But, there is another factor that skews the perception that football is more lucrative than college basketball and that is the conferences control the revenues of bowl and CFP revenues vs the NCAA's control of revenues from the NCAA basketball tournament. The major bowls plus the CFP media revenues are ~$600 million and the NCAA tournament TV revenues are ~$900 million. Most of the money from the bowls and CFP go to the conferences while the NCAA uses the revenues to fund their expenses for administration and other sports and they provide payouts to all conferences and divisions (D2 and D3).
I think the NCAA tournament media contract is undervalued. The first 4 days of the NCAA tournament averaged 8.5 million TV viewers and that doesn't include streamers. How many people are streaming in offices across the country? Unfortunately, the NCAA locked in the contract until 2032, I think.