You're talking more responsibility for each institution.
As it is now, they allow whoever (Flo, ESPN, B1G+, ACCN, etc) to control the content and they (the school) gets a cut.
They also don't lose any money on the sports that turn a negative - which is basically every sport other than football.
If you leave it in the responsibility of the schools alone, we won't see wrestling because wrestling doesn't make money.
In a way, if you think about it, the schools allowing the conferences to do it is almost just that. Each conference has it's own network now, right?