Here is the issue with this.
Saying something is undervalued or overvalued is great and all but in reality the only way that works out is if someone is willing to pay more.
You can say something is worth $X but if no one is willing to pay that much is it really worth it?
At the time of the CBS deal with the SEC, no one was willing to pay more, and sure by the end of the deal of course they were worth more. That is the way it is supposed to work unless you have a depreciating product, and we all know that is not the case. Hell inflation alone means the dollar amount value will increase at the end of a contract vs the beginning.
But in the grand scheme of things you can say this was a steal of a deal or that was way undervalued etc, but in the end if no one is willing to pay more then the value is what someone is willing to pay.
People try to do this all the time on EBAY and FB Marketplace. "Someone listed something for $X so it must be worth that" No ...... listing something is different from Selling something, so in the end, the value is what someone is willing to pay, not what the seller believes or wants the value to be.
Sure ESPN and Fox control the majority right now.... its not because they got some sweetheart deal, it is because no one was willing to pay more. All these conferences shop themselves out unofficially before taking the step to open up negotiations, and unless they see someone else is willing and able to come to the table with a better deal, they keep the negotiations closed with their media partner. We saw this play out first hand with the B12 and P12.
I just dont believe there are "more deep pockets" out there willing to significantly outbid ESPN and Fox to take on a full slate of content. Those types are happy subleasing a selection of games as they see fit. Maybe that will change, maybe not, but up to this point nothing shows me that there are big pockets lined up to pay 3x what ESPN and Fox are.