It makes no sense at all to me.

Schools have teams, stadiums, schedules and broadcast rights. All of these things are valuable.
Schools sell/lease some of these assets to conferences and TV partners who can add value, which makes sense. This monetizes the schools’ assets.

What role does PE bring to the table? They are another mouth to feed. Everybody is talking about how PE brings money to the schools but how? And why? PE isn’t Santa Claus. They are in business for a big score. Is the idea that schools would mortgage their future value by trading future rights for cash today? That would be stupid.

What, exactly, is the PE structure imagined to be here?