I'd highly recommend getting an antitrust expert on to discuss this. You touched on it briefly, but most of these losses are coming in antitrust litigation, and that was even before the last 5 years or so of rethinking of the consumer welfare standard. The consolidation of conferences is gonna pose an antitrust issue for those left out, if it's not already. There's renewed interest in enforcement of the old antitrust laws from both parties, and I'd bet the AGs of the left out states and schools are raring for a fight to score political points.
This article is paywalled and from a few years back but touches on the issues. https://www.sportsbusinessjournal.com/SB-Blogs/COVID19-OpEds/2022/09/07-MorganFialkoff.aspx
