Yes, it was a good enough arrangement that created opportunities for many people - until it wasn't. Now the the schools are stuck operating in a system built for athletic scholarhips for students looking to attend colleges, but with sharks circling them and tearing off pieces almost daily now. Lawyers, players, coaches, everyone wants more and the Supreme Court basically said the schools have no rights in the matter. Well, aside from the choices that no one wants to make, that is.
I don't know if they blew it just by being on TV, but they definitely blew it when they began pursuing mega-TV deals, agreed. That's what changed the game.
It is ironic to know that most of the money - almost all in fact - goes back into the athletic programs, through facilities, coaches, trainers, travel, admin, etc. There's very little profit at the end of the day, and even the biggest don't realize much profit when all is said and done. But, it wasn't good enough. Everyone wants more now. Which is why at the end of the day I think the only rational outcome is to remove the pro sports from the college environment. Not that they'll ever do it. Just go right on supporting a hollow shell of a thing. People will keep on pretending it's the same as it's always been, for just as long as they can manage - and make money off it.
Funny thing about the radio though - I was okay with it. I liked listening on the radio. And I never needed or wanted all this glitz. Heck, even now, they could have just set up some cameras and run a cheap ol' in house stream and that would have been enough for me. I actually would far prefer a "in the stands" web experience over all this glossy ESPN barf anyway.
But there's more money to be grabbed than mine - or ours - sadly.