There are only a handful of teams, likely less than ten, that are like the tide in that they rise all boats. There are none of those left on the market. Everyone else is valued on competitiveness and compelling match ups. The more of those you can put together, the higher the value you'll draw for everyone.
Conferences share the wealth, so while Iowa State will clearly add value to the Pac 12; not only will they provide match ups in the central time zone, they'd be the third most watched school in the Pac 12 last year (on a per game average). The real question is will the Pac 12 has enough to drive Iowa State's biggest numbers? Granted, Oregon/ISU did well last year, but ISU didn't have very strong games against Kansas and Baylor, at less than 1m viewers. The bad news is that the Pac 12 had 7 teams draw less than the Big 12's #7 TCU, who averaged just shy of 1.1m. That's a problem.
It sounds strange, but value isn't static. It changes. Iowa State is likely worth less in the Pac 12 and more in the Big Ten, simply due to the match ups. Even in non-playoff talk years, their audiences against Nebraska/Iowa/Minnesota/Wisconsin will likely all be more than the highest ISU/Pac12 game.
My guess, assuming they can maintain this success, is that ISU with an 8 win season will have per game averages of about 1.5-2m in the Pac 12, and around 2.5-3.2m in the Big Ten West. If it gets north of 8 the numbers will improve and sustained success will grow the base audience year over year.
Thanks, was going to respond with something similar. I would add that while ISU would probably be worth more as a raw $ in the Big 10 than they would in the PAC, I'd argue that relative to the conference ISU is worth far more TO the PAC than it is to the Big 10.
As I had shared earlier, ISU's regular season ABC/Fox/ESPN viewership, even if you exclude OU and UT was 84% and 89% that of USC and Oregon. As a comparison, the rest of the PAC on the same basis was about 50% and 56% of USC and Oregon, and out of ten such games, only one individual game (Washington-Utah) exceeded ISUs Average excluding OU and UT. The only "other" school in a conference that stacks up to the big national brands in their respective conferences is Wisconsin. In fact, I would say looking at ratings that the Big 10 should really be classified as Ohio State, then a big gap, then Michigan, PSU, and Wisconsin more closely clustered, with another big gap. Sure, Michigan and PSU in big years have a bigger ceiling, but Wisc. was not great last year either.
I would say that ISU to the PAC would actually be favorable to ISUs non-OU/UT Big 12 performance IF Oklahoma State were brought over too and ISU could maintain that game annually, while also adding at least 1 of either USC or Oregon annually.
If ISU maintains similar viewership to last year (and certainly what they'll do this year) into the PAC, they would be adding inventory and would provide a major boost in average viewership in games.
Simply put, if a team is in that 75+% range in viewership to the top 1-2 brands in the conference, they absolutely will at the very least maintain, if not boost the per team media value to a league. Otherwise we are essentially saying there are 10-12 teams nationally that generate the value, and the rest don't just fail to move the needle, but are absolutely massive drags on profitability.
Sorry, but if you argue that ISU would not add media value on a per team basis in the PAC, you are at the same time arguing that everyone outside OSU, Penn State, Michigan and Wisconsin don't just fail to "move the needle," based on viewership they are absolute anchors dragging down the payout of each team, and they aren't really close.
Iowa is a good comparison. I view them as a team that holds its own in value in the Big 10, but when you do a Fox/ABC/ESPN viewership comparison, they are <30% of OSU's viewership, and <40% of Michigan, PSU and Wisconsin. That is with the benefit of a network black Friday game, which those, or the likes of Army-Navy (games with less other competition) have always had big ratings.