You can't argue that Wake is being priced in a free market when it isn't a free market. When the P5 collude to brand, restrict access to competition, coordinate on TV contracts, and now simply write their own rules, how do we know what the market price is? If not for the collusion, I am quite certain that Wake or Purdue would not have a materially better TV deal than Northern Illinois. It is the collusion that drives the market power, just as it does in any oligopoly. The same collusion that drives up the revenues of the P5 serves to drive it down for everyone else, because the other schools are restricted from competing on an even playing field.