I'd bet $1 million of that comes from BYUTV as a de facto tithing subsidy. So really you just need about $3.5 million from the MWC for all sports to break even. Boise gets $3 million (they get $2 million on their own and then get an equal share of the rest of the TV deal). BYU could probably negotiate a deal that the most-shown teams and the best-rated teams get the most money. That'll work well for BYU and Boise.
Luckily, I think the AD and administration agrees with you, so you'll stay independent, which is very good for Utah.