The problem is listed in your post... the games were on about 5 different networks. The PAC 10 (then 12) said "Hey, we can have ALL of that money ourselves, plus get the FANS to force Directv, DISH, Comcast and everybody else carry it. No way will this work out like the Mountain Network (which whether you think it was a big deal or not, proved beyond the shadow of a doubt that the majors aren't going to piss around on these deals... they want it for next to nothing, and they WILL NOT cave to the demand to put it on the lowest tier).
The Mountain covered California, Utah, Wyoming, Colorado, New Mexico, Nevada, Texas, and Arizona (which is what... 20 million people in the different tv areas) and couldn't get Directv to give 50 cents per customer in the regions. It was owned by Comcast as well and they only put it on Comcast. By the time Directv picked it up, it was too late and Utah and BYU had left the MWC and the network was valued at approximately $0.
This isn't to say that the PAC 12 isn't way more appealing and such... it is just a cautionary tale on how the broadcasters handle these negotiations. They don't care to bargain. They throw out a price and never move from it. They did this exact thing and the PAC 12 decided to wait them out. Morons. They won't win this way. They need to offer it for FREE for a year and then see what kind of numbers it pulls and negotiate from there. Instead they decided to try to hardball the conglomerates. Lunacy.
They should have struck a limited deal with Google or SOMEBODY prior to announcing to at least give them leverage. But they blew it.
Hopefully Google turns the system into an a la carte system once again which we had prior to the deregulation. It was much better and more affordable for families. Google is working to strong arm the networks into offering things like HBO Go and Showtime a la carte through Chromecast and will use Comcast and Time Warner and Verizon to carry their signal to your home. It's a great business plan. They are also rolling out massive wi-fi nationwide and I think Directv, DISH, and others are doomed if it works. It's a matter of time, but the PAC 12 jumped the gun by about 4 years on their tv idea. It was stupid, but they got all of the Utah and Colorado money as hopes of holding them over during the bumpy time, and hoped that getting the mountain west cities involved in negotiations would skew the asking price (throw in Salt Lake City/Provo and Denver metro areas and you're adding approximately 5-6 million potential viewers and increasing the broadcast footprint by a time zone).
R.I.P. Dad. I miss you. You will never be forgotten
1/12/39 - 8/7/08