through the roof. For cord cutters, there'd be no legal way to watch the games unless the deal didn't include 3rd tier rights and we got the occasional BYUtv game. more than likely, such a deal wouldn't leave room for exceptions.
It would be a windfall for schools, but ultimately it's the fans that pay for a large part of those lucrative TV deals. But perhaps making TV too expensive will send people back to the stadiums to watch the games in person.