Yes, that would 100% be the fair move and if I were a fan of one of those bluebloods it's how I would want it to be. Do I think it will ever happen? No. I just don't see the B1G going there.
What I could see happening, which I also agree with, is that B1G teams stop getting an equal split of CFP and bowl game revenue. I wouldn't at all be surprised if they change it to where teams that generate more of that CFP and bowl revenue get a bigger cut of the revenue for that year. So in this sense, there would be unequal revenue sharing in the B1G, just not of the media revenue.
The real "fair move" is for universal shared media rights with teams in the CFP receiving extra media revenues. One way to look at the current landscape is like the NFL. The NFL currently has 2 conferences. The NCAA currently has 4 conferences (technically more, but there are 4 major conferences). In each case, teams are competing against teams in their own conferences as well as some games from other conferences. At the end of the regular season, teams from each conference will compete against each other in a playoff to determine the overall champion
So one can argue the power conferences have formed their own league. The main difference is the NCAA is lacking a commissioner to oversee these 4 power conferences. Instead, the NCAA has given the power to each individual conference.
What the sport really needs is a commissioner to oversee all power conferences to make decisions that will best align for the college football brand as a whole. The current situation is just enabling the rich to get richer. In the long run, this will be detrimental to college football as a whole
But the Big 10 and SEC have become too powerful for them to ever agree on this change. They only care about themselves and not the overall product. And that's really at the core for the hatred of the Big 10 and SEC