With all due respect, who did the Big Ten pick as #12 again? NEBRASKA. Small-market, low population growth, NEBRASKA. Why Nebraska? Football history, unparalleled tradition and arguably the most rabid and loyal fan base in college sports. The Big Ten would have likely stayed at 12 if the Pac-12 hadn't backed out of their alliance relationship (which Jim Delany believed would have given the conference the equivalent inventory that would have come with expanding on its own). Following that, when Notre Dame headed to the ACC as a non-football member, that's when the Big Ten was spurred to take action again. In fact, I think history and tradition are much bigger deals to the Big Ten than any other conference, including the ACC. Yes, the Big Ten wants markets, but it wants those blue blood credentials coming along with it. Tradition is inextricably part of the Big Ten's brand (and yes, Rutgers has "tradition" partly because its football program has been around forever) more than even the SEC. Look at how these guys are wedded to the Rose Bowl. Look at how these guys won't still won't play November night games even though TV partners would pay a ton for them. Look at how these guys still start their conference schedule after everyone else. Look at how Ohio State is just getting permanent lights installed in its stadium this year and rival Michigan still doesn't have them. (When they have night games, ABC/ESPN pays to truck in temporary lighting to cover stadiums with over 100,000 seats.)
Sure, potential matters (as evidenced by Rutgers chosen by the Big Ten), but there's some echo chamber thinking going on here if anyone thinks that's going to be enough if it comes down to competing with a football superpower like Oklahoma or an AAU member with the historical bloodlines of Kansas. Certainly, if UConn starts winning CFP bowl games and shows that its football program can draw in NYC viewers, then that can change things. Things aren't static, but tradition and old money *definitely* matter to the Big Ten. That's one of the most powerful parts of the Big Ten's brand.