The networks already overpaid when they signed the deal and then cord cutting happened and all networks realized they all overpaid.

The Big 12 could have held their feet to the fire and exercised the right to add two more teams and get more $$ but they realized they would be biting the hand that feeds them come renewal time. The networks made it clear this would not end well down the road.

Now, if the Big 12 was looking to add Notre Dame or USC then the story might be different.