Secondarily, one might think that being involved with an elite academic conference would cause schools to "up their game" a bit. I am not really sure if that works out, however. Nebraska came in with a substantially lower academic rating than any of the other B1G alliance schools, and I am not sure if it has increased much. We shouldn't really cast too many stones, however, because Iowa is around the bottom of the conference as well. Depending on the ranking, they are usually fighting with MSU for the spot ahead of Nebraska (though there is a pretty sizable gape between Nebraska and the next schools). And also, school rankings are likely garbage.
I hadn't really put much thought into this until
@Fryowa asked the question, but I really think much of this comes down to wanting to be associated with a strong academic conference so I can make excuses about B1G not winning national titles.