The University is the brand. The team creates the value. Every one of the players (especially the backups) are fungible and largely replaceable.

As an example, try this: Without checking, who were he backup corners for BYU in 2012? I’m not sure I could tell you the names of 5 starters in that defense, and I follow BYU pretty closely. The players didn’t create the value for BYU. They aren’t the ones who built the stadium, or created hype videos, or sold tickets, or negotiated TV deals, or promoted the game, or established the decades-long traditions at football games. The University did all that and more. The University created the value, the brand, and the opportunity.

The players are just bodies in uniforms. And there is a line of guys a mile long who would love to have the opportunity to play (or even walk on and play for free) if any of these current P12 players have had enough.