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If they're looking for a Big XII network, this is probably the ideal pairing.
I'm not sure that BYU is much more helpful -- or at all more helpful -- to a XII network than Cincy. Does BYU have a bigger following than Cincy? Probably. But BYU's fans are geographically diverse, and probably much more interested in BYU than BYU's conference, in a way not true for UConn and Cincy fans. Plus Cincy, added on to UConn and WVU, helps build a presence in the Northeast, where regions between those schools (PA, NJ, Western NY) may follow the XII a bit in addition to "home" markets. BYU gets you none of that.
I'd be interested in seeing the metrics, and maybe I'm wrong, but a mostly Mormon audience interested in the Mormon school doesn't necessarily do as much for a national TV network as a mainstream school trying to draw in -- with help -- the Northeast. It may make far more sense for BYU to continue to own its own rights and sell them to its own targeted audience.