Doesn't this pretty much screw the SEC and ESPN, meaning the media rights for an expanded CFP will now undoubtedly be up for bid amongst all networks?
I don't think I'd say "screw" but it is the failure of their plan to destroy the Big12 so OuT could go to SEC right away for free.
They wanted expanded playoff, OuT in the SEC, SEC getting 3-5 teams into an expanded CFP, and no more Big12 costs. And to get the expanded CFP inventory without having the cost bid up by competitors. So they missed that.
The SEC is fine, because getting 2 teams in every other year is still OK, and they don't owe OuT anything til whenever they actually show up. And if the rights get bid up higher due to Fox/CBS competing with ESPN in 2026, no problem, more revenue for SEC then too. The only downside for SEC is probably there will be limits on # of teams from 1 conference.