There are the blue bloods, college football royalty that drive a lot of eyes and money. Then there is the landed gentry, a group of teams with decent fan bases that provide reasonable fodder for the royalty and not too much ridicule should the royalty lose to them. Then there is a group of peasants, the underclass, the group that encompasses programs like Wake Forest, Kansas, Washington State, etc. Assume an even distribution, there are about 22 members of the royal family, 22 landed gentry, 22 peasants. The Big 12 was robbed of 100% of its royalty. That just happened. In the years leading up to that, it was also robbed of 4 members of the landed gentry. All that is left is peasants. Maybe OSU is borderline landed gentry, but the rest of that league is peasants.
The peasants aren't completely worthless, but when you back out games against royalty and even games against the landed gentry, their value drops quickly.