I have gone through the math before, so I will give an abbreviated explanation. The SEC, ACC, and Big 10 put the vast majority of their basketball games on their conference networks. The Pac 12 does as well. When people compare other conference TV contracts and ratings with the Big East TV contract and ratings, they miss a key point. All of the Big East games are shown on a linear channel (vast majority on FOX/FS1) and a minority of the SEC, ACC, and Big 10 basketball games are. So, schools like Michigan St., Michigan, Ohio St., Kentucky, Alabama, Duke, North Carolina (higher ratings) will be shown more on the main networks and the lower visibility schools (lower ratings) will get more of their games on the conference network. So the Big East is offering FOX probably triple the inventory that other conferences would. That is valuable. Will the new BE contract be $7 million per school? I don't know, but if 20% of a P5 media deal is for basketball with much less inventory is worth $6 to $14 million, I don't think $7 million is a crazy number for more inventory.
The Big 12, so far, has the majority of their basketball inventory shown on ESPN+ as ESPN needs paying subscribers for ESPN+ which is their growth engine and ESPN does not have the capacity to show all of the Big 12 games. Going forward, it's unclear how many B12 basketball games will be shown on linear channels as the contract will be split by ESPN and FOX, but ESPN will show the Big 12 conference championship.