Pylons, I know nothing for sure. I'm lookin' ahead and tryin' follow the money. When media money started getting serious, the conferences got competitive about realignment and started looking for ways to exploit the media cash cow. Now the relationship with the athletes is about to change. They can adopt the Ivy League philosophy and withdraw from the money chase. I personally would love to see it. But raising money is a necessary part of stewarding a large university.
As you point out, that revenue has always belonged to the Athletic Department. It benefits the University proper, however, by stimulating donations and keeping alumni engaged. Media revenue has exploded in the last decade and I think it is going to keep escalating. But there will be so many other ways to profit from college sports. The schools would be foolish to not pursue those opportunities. Having a corporation owned jointly by multiple conferences allows them to offload some types of business that would only interfere with the steady, traditional operation of the schools. I promise you there will be law suits, labor issues, minor scandals and damaged lives. Big money guarantees it. Better to keep that stuff off-campus.
We will know before too long how this is heading. Several media contracts expire in the next couple of years. The Alliance might make some noise in those activities.