Rack em, I'm sorry, but I think the Big 10's current football woes have you overlooking what a juggernaut the conference really is when the whole picture is considered...
Academically, the Big 10 is the place to be as far as science/math/engineering, which are currently the focus of just about everyone.
The TV money is absurd: Top-earning Big 10 teams earn the equivalent of what the Big East is being offered by NBC for all their media rights EVERY YEAR. and this is with the oldest TV contract in the major conferences...
Finally, research. Everyone wants it. It's where the really big money flows (billions and billions a year. dwarfs college football in its entirety). Not only does the Big 10 have their little research-sharing organization, lets take a look at the top universities in total research funding in 2012:
1. Johns Hopkins (1.73 billion DoD grant. not even fair)
2. Michigan (the epicenter of everything cancer)
3. Wisconsin (the epicenter of everything stem cells)
4. Washington
5. Duke
6. UC-San Diego
7. UCLA
8. UC-San Francisco
9. Stanford
10. UPenn
...
13. Minnesota
14. Penn State
16. Ohio State
...
19. Cal
20. aTm
23. MIT
24. Yale
26. Northwestern
28. U$C
31. Harvard
32. Purdue
34. Illinois
37. Maryland
39. Iowa
41. Michigan State
42. Rutgers
...
137. ND (we're at about a 10th of what michigan and wisconsin are at. But research has never been our main goal like those 2 schools)
If you're an institution that values research, like Maryland or Rutgers, or you want to add to your academic prestige, especially in hard sciences...
Those two schools joining the Big 10 makes a lot of sense academically and TV-money wise.
If the Big Ten gets it going in football (which they will eventually. Too much money not to), they'll be incredibly attractive.
numbers are from the NSF btw.