TV markets are so 2003.
We are approaching a time of cord cutters and live streaming. In 20 years, the Big Ten won't be worth ****. Programming will be a la carte via internet stream subscriptions and the good people of Chicago, Philly, DC, and NYC won't be forced to subsidize that ****.
College presidents can't see the forest for the green. The SEC and the Big 12 got it right (except for TCU and Missouri, but, whatever..). To hell with markets, they just want teams that will bring interest. And when you only get money from people that want to watch you play...that's all that will matter.
I hope the Big Ten locks themselves into a dying content delivery model with two very average programs who happen to be in big media markets. They may add UNC and GT, too. The SEC will gobble up VPI and NC State. The Big 12 can get their choice of FSU, Clem, Pitt, and Louisville.