The reason college presidents don't seem to care is because they don't. Why should they? They just want the money to stabilize their programs and schools. That's their number one responsibility. There may be future repercussions with alumni and such, but I'm not sure I buy the idea that anyone other than the Pac-10 needs to worry about travel.
While I hate the state of college sports, it is what it is...we are a 'money hungry' society...which is one reason i've migrated to be more a college sports fan than a Pro fan over the last 20 years...college sports is now a 'minor league' system no matter how these Presidents want to look at it...it funds their universities...
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