This is mostly true, but it's changing. The metric of large market TV subscriptions is a very 2005 model. It's not the future, and it's gasping for breath in the present. Cable subscriptions/tiers will no longer matter from a revenue standpoint. App viewership will, and only people invested in actually consuming the product will subscribe.
Rutgers didn't get a B1G invite because people in NYC actually watch Rutgers football. They got a B1G invite because it allowed the B1G Network to get on basic cable in the NYC market, which meant that the B1G Network could collect carriage fees from millions of cable subscribers that don't even watch sports, much less Rutgers football. The problem is that cable subscriptions are declining every year, mostly in the under 50 age bracket. That trend will not reverse...cable is dying. So a team's proximity to a large market is far less relevant now than it was 15 years ago.
Going forward, eyes on TVs will still matter, but the market is becoming more fragmented with multiple streaming services. The next step is likely the conferences tying up possibly exclusive rights with streaming services. The ACC on Amazon Prime, the SEC on Apple TV, etc. Some of them may try to start their own streaming services, since the barriers to entry for broadcasting now are lowered with app based content. In any event, revenue is going be tied to people actually wanting to watch your product, and not just getting your network carried on grandma's basic cable package. I think conference network revenue in total may drop, since there are likely to be a lot fewer people paying for a product they don't use. I for one would not subscribe to another streaming service in order to get SEC games. I just don't care enough to pay for their content.