Capitalism
and federalism. I am a big fan of both, however we are here because of both.
If the NCAA was a more powerful central authority, it's unlikely this all happens, at least in this way. Instead of dictating to FOX and ESPN, they're seeing the individual entities break away and behave in their own best interests. Instead, member institutions (or constituencies) are brokering their own deals, like individual states forming trade agreements with other nations. I don't fault them for it, but I can also say it's harmful to what I value most about the sport.
I was daydreaming today about what the sport would've looked like with a stronger NCAA, but then I remembered we had that before and it was predictably oppressive. The Supreme Court rightly said in
NCAA v OU that they couldn't stop TV deals from happening, which forever altered power dynamics in college athletics. Nearly 40 years later here we are.
So you are correct. This is just another round of the local burger joint becoming a chain restaurant, only this time it's worth 100 mil/year.