It isn’t a good look politically and Sankey and Petitti will be embarrassed in front of Congressional hearings. ESPN and Fox would also significantly impair the value of their other properties. Add on top of that DOJ investigations on possible violations of the Sherman Anti-trust Act. Even possible loss of tax exempt status by the conferences and having all income received by members from non-NCAA sanctioned activities treated as UBTI. The potential blowback would be significant and may even prompt legislative action. There would be significant retaliation that would be damaging. The SEC, B1G, and networks will want to tow as close as possible to the line but not cross it.