It could be, but it's entirely possible that Fox is more interested in their long term profitability and stability than in one-upping ESPN, which is why I included "reasonably priced". They could probably add 2 former Big 12 members to the Big 10 and 4 to the PAC 12 while sweetening the pot enough to not cut into the share of other members. That could provide stability at a reasonable price, and allow them to wait to see if ESPN can handle their splashy contracts.
I think this is a great way to look at it. People thinking the Big 10 needs to try to match the SEC move, or if they expand it needs to be a counter-move to the SEC need to realize that no such move exists. There is nothing the Big 10 is going to do that is going to match that doesn't essentially dissolve the ACC and/or PAC.
Second, you don't have to match them, you just need to make sure you stay relevant and your top school(s) can to an extent keep up. I think IF conferences remain a thing, I do see uneven distribution as a way the Big 10 might need to make that happen. Teams need to understand that outside the Big Dogs in a conference, the difference in values among the "good" teams and "bad" teams doesn't really mean all that much in the total contract. Now, those marginal differences can add up to make a conference better, but the future could get cutthroat. If it does, no team outside of the bluebloods should feel secure in their place. Also, there is nothing stopping a team for paying a heavy price to join a conference and undercut others.
Last, being rash and doing something crazy for the Big 10 or Fox to jump into an arms race with the SEC or ESPN could be a disaster. I don't think the financial viability of broadcasting college football is certain enough that you'd want to do something crazy like get over the massive GoR hurdle and try to get Notre Dame and Clemson. And short of that, nothing is going to match OU and UT on a team for team basis in terms of media value. Big 10 is already several teams behind in terms of massive, national Brands. Sorry, USC, Oregon, UW aren't even close. The first two are big names, but they aren't going to juice a media contract at all like UT or OU.
So Big 10 and Fox can sit back and see how this shakes out and still be fine. They could add content and teams that are modest investments to try to compete on a volume basis and be fine.