To add to your assessment:
- ESPN has argued that Stanford, Cal and SMU are only allowed credit for their DMA. This argument defeats that having a team in each state warrants credit for the entire state. The argument is that times have changed and the cable industry does not support the position that any in-state school carries the entire state. Essentially, ESPN is treating the SEC differently than the ACC and must either "correct" this with the SEC or allow the entire states of California and Texas to be carried by at least one team within the state. Example: UT is in Austin and TAMU is in College Station, maybe 1.5MM people within the DMA, while SMU carries all of the DFW DMA (likewise, U of Houston carries all of the Htown DMA) more than 4X the DMA that the SEC carries within the State of Texas. This sets of a major legal battle that ESPN likely does not want to fight. Especially as CFB fans not directly associated with one team (i.e. alumni, donor, parent of a student, etc.), will often watch several teams within their region (think of a person who enjoys football living anywhere around DFW, Htown, Austin, and San Antonio, may watch UT, TAMU, LSU, Arkansas, OU, UofH, etc.). Fandom for each team is far more difficult to measure than the simplistic "who is your favorite team?" approach.
- As you note that large segments of the country are simply ignored by the two super-conference solution. CFB fans attached to a school are loyal to their school. They are ore likely to dedicate time for watching their school than watching ND v. Alabama, or Michigan v. Oklahoma. Further, the loyal fans are more likely to keep closer tabs on close competitors/rivals of their team than the super-conference games. The SEC commissioner has already addressed the issue with the concern that there are not sufficient schools for the super-conferences to simply walk away. CFB fans do NOT want an NFL lite, they want CFB to remain different from the NFL. If SU and BC are out of the super-conferences, you have ignored 10% of the nation (approx. 33MM people). Likewise, PSU may carry more of PA fans, but leaving Pitt out of the super-conference alienates another approx. 5MM. Texas, noted above would only have representation of 1.5MM fans in a 30MM person state, or potentially 28.5MM. SC fans would be heavily ignored as USC east (the real one, not the New Jersey pretender) are not as numerous as Clemson fans. Likewise, tOSU only covers the Columbus DMA, all other fans are ignored, say 3-6MM people (25%-50-%). California, Florida, Jersey (Rutgers does not carry its own state as many Jersey fans could not care less about Rutgers). The list goes on.
- The threat of governmental action is real. Ignoring major states and and the many fly-over states (for lack of a better term) each have two senators. The super-conferences would need at least 26 states to control any vote and more likely 30-35 as some senators are likely to have an affinity for other teams than those represented by the two proposed super-conferences. It's worse when you get into the House because of the divided loyalties; I.e. an Ohio State grad may represent a seat in Cincinnati but he/she may have to vote for a rule/statute that benefits UC over tOSU. The B1G represents 14 states, four being duplicated. The SEC represents 12 states, with four being duplicated. Combined, that is 26 states, a few of which have divided loyalties with P4 conferences and more so with all FBS teams.
My guess (which means the guess and $10 can get you a cup of coffee): Private corporations really don't want government oversite and prefer to govern themselves, its easier and cheaper. ESPN and conferences are private corporations. However, it takes self-assessment and self-discipline to overcome greed. The fact that the SEC and ESPN have already expressed some concern about the matter indicates they do not want government oversite. This indicates that they are now realizing that government oversite is nearer than ever before (not necessarily imminent). It is likely that Fox and the B1G are in roughly the same stage. They are trying to figure out how to overcome their greed, at least sufficient to avoid government oversite. I don't think anyone clearly knows the answer, but as has been discussed on this site a minimum of 60 teams or more will be necessary if a breakaway league is truly desired. I think it is a positive at this point in time but there are too many variables to to be resolved before a final resolution is resolved.