The PAC minus UCLA and USC essentially had the same TV deal as us negotiated and approved by ESPN. Then the academics got hold of it and told ESPN they were worth much more. ESPN tore up their offer and left leaving the PAC with nothing. GK managed to get the Apple deal after that which was still paying similar money but losing exposure. The university administrators with sense left. Rumor has it San/Cal academic people are the ones that caused the explosion with ESPN. LA times had a nice article about it.I really don't know if I could disagree with you on the source of all of this. It isn't because people started watching streams. The cause of this is because the entire college landscape (except Notre Dame) is in the hands of two competing networks (ESPN and Fox). These two have each gone all in on one of the two major power player conferences. That means that each of them have undertaken the concept of owning or sharing which colleges. Example, ESPN wants OU and Texas to themselves and not to share with Fox. Fox countered by bringing USC and UCLA to the Big 10 and not to share with ESPN.
None of that has to do with streaming. Now if you want to blame streaming on limiting the money available for the PAC to get a decent TV deal, then I'm partially with you. But in the end, overall viewership of the SEC and Big 10 (which have both been hyped up by the ESPN talking heads for the last 15 years which has shaped opinion that good football is only played in those conferences) has caused them to be double the money of the Big 12 and triple the ACC. Now add in the close to limitless portal and NIL and the haves versus the have nots has never been greater and it will continue to get wider over the next 6-7 years unless things are put in place to get some level of control over the situation.