I don't think people understand just how difficult it would be for a school like Michigan even to go independent and making it work. ND has been that way for a century and has built up games with USC and the military academies that a school like Michigan would have to now do. Looking at Washington State and Oregon states football schedules and they are all over the place, Washington State gets Washington, Ole Mss, Virginia and Oregon State, the rest are Mac and MWC teams, Oregon State is the same way, they played Cal, TT, Oregon, Houston and WS. Michigan or any team leaving the B10 would be in the same boat, without a doubt, teams would be willing to play Michigan, but with schedules the way the are set now, its going to be difficult finding the dates to matchup to schedule games. I suppose a school like Michigan would look towards the ACC or B12 and work out a ND type deal, getting 5 games a year from that conference and then play there other sports there, but they are going to be losing a lot of media money unless they can get a stand alone media deal of their own.
I think both Michigan and USC were using their power to block the outside interest deal, those schools do not need the money as much as other conference schools do and therefore were willing to stand up and complain about it.