So I just spent the last two hours falling down a media valuation rabbit hole and about the only conclusion I can come up with is that ND is going to have to give up one of three important things.
1) Independence
2) A guaranteed national broadcast TV deal
3) Being in the same ballpark for revenue as Big Ten and SEC teams
And, honestly, I can see arguments for each.
Giving up the third would basically be the status quo option, but might relegate us to an also ran in terms of competing for championships just because we couldn't keep up financially.
Giving up the second could mean a streaming option behind a paywall, which could hurt our traditional method of new fan growth by being available to everyone, but could also result in a better viewing experience if the price is high enough to not necessitate as many advertisements.
Giving up the first would be joining the Big Ten, and I think we have had enough discussions about that.