Why would the Pac-10 suffer through the ongoing rumors and damage to their brand, and the perception that nobody wants to buy what the Pac-10 is selling?

From the outsiders' perspective, it really is like that Studio C skit where the TV partners are choosing the Professional Bowling League over the Pac-10 programming. I just don't see why they would continue to suffer that public humiliation if they had a deal that would get rid of all of the external commentary and speculation.