I think you're going to see full on revenue sharing with the players before this proposal happens.
There is too much dead weight in both conferences and even with the money, they're in big big trouble. tOSU, Michigan, Oregon, Penn State will bury everyone else in that conference with the money they already have on top of the new money coming in. Same in the SEC for all but about 6 schools. In the proposal, there are mandatory minimums, not every institution is going to agree to them and when the break happens, things like the SEC or BIG go with it, will be an entirely new entity, a minor league NFL.
Honestly, this is the very tip of the iceberg of "why does X get the same amount as us when we're worth 3x 4x 5x as much."