This is probably the end game, whether anyone likes it or not. The conferences must prop up the weaker (PAC12because nobody east of the Rockies cares about them) and the Big12 (because there simply is not enough population to justify roughly equal payments based on the current economic models). Once the conferences/schools realize this fact, and the fact they have been underpaid for decades by the networks, the reality is the agreement will likely move towards the professional sports TV models. All teams get the same share of the basic deal.
Once that agreement is in place, restoring the regional alignments becomes easy, cost effective (does anyone really believe WVU to Lubbock, Iowa, etc., is easier than to Pitt, PSU and SU? Or, UNL to Rutgers?), and much more interesting to the fan (who can travel regionally much better).
This will take a couple decades, though. For now, everyone likes to think they are giving other conferences the shaft.