Part of the problem is that generally speaking, people who identify with an institution are fans of the institution and not just the institution on a sport-specific basis. If you grow up a UCONN Huskies fan, while you might like basketball better or football better, you might consider yourself a fan of both. And usually this will be the case, though there are those people out there that might be a Notre Dame football fan and UCONN basketball fan, or what have you.
So put it this way: is it possible Connecticut has more fans than Oregon just in general? Records show Connecticut has collected more in royalties the last few years by a large margin, so this premise could have merit to it. I don't dispute the notion that it's unlikely more people identify as college football fans and follow Connecticut than Oregon, but again: being a Connecticut fan and being a Connecticut football fan are not mutually exclusive. For that reason, I think the focus on the sport itself can be misleading.
Also, I don't know where you got the idea I bought into the $160 million in ad revenue. The Big Ten's total revenue for that year was around $220 million. The cable-wide average in ad revenue for last year was about 40-45% among all networks. I believe the Big Ten's total ad revenue was probably roughly about 20% of the $220 million figure since they were around 36 cents per month of 45 million subs. That leaves some $40 million or less in advertising.
I never supported those figures... though I did say that advertising on some sports-networks can approach 60 or 70% of total revenues. But those advertising revenues always felt inflated to me. I think you're conflating my agreement that ratio could be possible in the future with my assessment of the BTN as it stands today.