Sure, this year's team would have been competitive.
However, you are paying $120 million to leave. We saw what they were before a few transfers who are on their way to the NFL and we saw what they were once those players opted out. It wasn't pretty before and it wasn't pretty afterwards.
That leads us to the $120 million proposition. Is it worth leaving a semi-respectable conference where you are top dogs for a conference (SEC) where you will probably be a middle of the road team for a little more money per year a decade+ from now? Similarly, is it worth leaving a semi-respectable conference where you are top dogs for a conference (Big 10) where you will probably be a 2nd tier team for a little more money per year a decade+ from now plus way more travel expenses? Given this performance, will either of those conferences want to except you right now, by yourself?
Anyway you slice it, that value proposition isn't as attractive now, for any side, as it was a month ago.