Honest question: do you think Oklahoma State or TCU is worth as much as Texas? Is Oregon State worth as much as USC or UCLA? Is Boston College or Wake Forest worth as much as UNC or Florida State? Is Purdue or Northwestern worth as much Michigan, Ohio State, Penn State, or Nebraska?
If UConn replaced Purdue, or Vanderbilt, or Wake Forest, would the conference pay outs go down?
Let's imagine this conference: Boston College, Wake Forest, Purdue, Northwestern, Vanderbilt, Baylor, TCU, Oregon State, Oklahoma State, Utah. Do those schools make anywhere near as much as they make now in this conference? Did their value drop suddenly?
The answer, obviously, is that they are not. And their "value" did not suddenly drop despite payouts going down significantly. Thus, a conference pay out is not reflective a school's worth.
Or, in case this was misunderstood: an individual school's worth is not necessarily reflective in what the conference as a whole is paid. See UConn, AAC. Some schools are paid more than they are worth because of conference affiliation, others less. That's what conferences do.
Or, if that isn't simple enough, do you think UConn was worth more money under the old Big East contract than they are now, despite the fact that they have now won two titles?
The money a school gets from its conference has a lot to do with a school's individual worth.
If you think otherwise on this front, you are being obviously obtuse.