If you (Apple) see value in a product (PAC media rights), you're not going to bid more than you have to to win that product.

If you have no real competition for a product you know someone has to sell, you make an offer barely above the cost of production, since not losing money is the only opportunity cost with which you're competing.

At the very worst, you give an offer that is barely above what you think will draw in competing offers - and it sounds like ESPN gave a lowball offer the PAC isn't even considering.

So why wouldn't Apple super lowball the PAC?