It seems the comparisons to entertainment wrestling, bowling, and nascar are appropriate. If your sport is successful due to a bunch of highly regionalized and personalized teams/players/fans, consolidating the most successful teams/players into a single league or two can and will decrease the number of people who care about it - lowering the interest and engagement in the activity as a whole.
Media entities, due to greed, are acting against one of the key value drivers of college athletics - the volume of highly regionalized teams with passionate and engaged fans. Athletic directors and university leadership at these institutions are, for the most part, just taking direction from these media entities instead of making decisions based on broader institutional values and their mission as extensions of the universities they are attached to.