After all only one team can win the conference every year.

Are Penn State, Michigan State, Nebraska, Wisconsin, Washington, Oregon, Florida, FSU, LSU, Auburn, Texas, OU, Miami going to re-up when they haven't won anything for a decade and their fans are tired of spending money just to watch Alabama, Michigan, Ohio State, Georgia, Tennessee, USC (or whatever combination of 4-6 teams) win everything?

At the end of the day there will be a large group of blue bloods left out in the cold, competitively speaking and it will hurt bottom lines eventually. At that point this mega conference strategy will reverse course.