That's one possible interpretation, the other is that fox would not agree to the pro rata addition of Connecticut because they'd rather pay for million dollars for content they are certain to have access to than $31 million for content that they might not even get to broadcast. He may simply "prefer Connecticut in the big east" because it is dramatically less expensive and he knows he would have his pick of our games broadcast.
It doesn't matter which of those interpretations are correct because either way they would result in it Fox not offering to pay Connecticut a full pro rata share. That's always been a potential issue. The counter argument is that if fox pays a premium for Connecticut to join the big 12 it can make up that money by paying less for the big east on their next deal. A third of $31 million is $10.33M. Say the next big east deal, with Connecticut in the conference, is worth $8 million per school, but without Connecticut is only worth $7 million per school. Effectively, then it is a breakeven proposition for fox whether Connecticut is in the big 12 or in the big east, at least from inexpensive perspective. If the difference is 8 million with Connecticut and 6 million without Connecticut, then Fox would actually save money by supporting Connecticut to the big 12.