Interesting. Suppose the B1G kicked Rutgers and Maryland out. They would lose some inventory (9 games, 14% of games) but would their TV deals go down by 14%? I suppose it depends on all those cable subscriptions in NY/NJ carrying B1G network. But if they thought the revenue would not drop (much), they would be better off from a per-team revenue perspective. Less travel and other headaches too on the cost side. It's possible.
The math is probably easier for the SEC, since the network is less of a thing, and the TV revenue would probably not even go down. Maybe they would boot Mizzou and Arky.
If stuff like this started gaining momentum, I think you would see some kind of P5 rationalization outside the NCAA, on conferences combined with the CFP. Create a 6th conference and move a team or 2 from each P5, add a couple of G5s to round it out. Maybe six 12 team conferences, then pick the champs and 2 at-larges for an expanded CFP. I think there would be more money in that compared to now, so its theoretically possible.