I hope I’m totally wrong but it’s all about TV revenue and you have to put a good product on the field.
Back when the conference had 12 teams, and there was no SEC Network, we were second only to Bama in revenue produced by our Tier 3 rights . . . for one locally broadcast FB game, two basketball games, and other sports.
And there is an interesting (and frequently forgotten) reason for Kentucky’s strong market value for the SEC and the SEC Network: we form the Southern/Southwestern border of 4 states that host no SEC teams.
The MASSIVE diaspora of Kentucky folk into states to our North had a long-lasting effect on our market value: move one state North of Florida, Georgia, South Carolina, Mississippi, Alabama, Arkansas, and Louisiana, and you are still in the SEC footprint. Hence, even if your allegiance remains with your former (more Southern) State, you have no net affect on SEC viewership: you are still in the footprint. Kentucky fans in Michigan,
Ohio, etc., have proven inter-generational.
Kentucky’s old “Kentucky Network” included (at varying times) TV stations in Chicago, Cleveland, Indy, Detroit, Cincy (duh), West Virginia, etc., etc., etc., along with radio stations in the mid-west. Our radio and TV announcer’s frequently bragged of having the largest University based TV and Radio network in the nation. The eyes once cast on local broadcasts in those states North of us are now subscribers to the SEC Network.
And we surrendered all of that (well, 90 percent of it) with the establishment of the SEC Network, and have still profited handsomely.
The numbers ranking the schools based on market value of Tier 3 rights was shocking: Bama just over 10 million; Kentucky at 9.5 million, thence trending down to the Mississippi’s and Vandy, each below 2 million.
Kentucky is one of the last 4 programs that will ever be overlooked by conference affiliation, along with Bama, Texas, and Texas A & M (and maybe Oklahoma).
The fear of poor football costing us our conference status is misplaced: the last objective financial/market measurement of our literal value was 2011/12, when we had posted an overall losing record the prior 50+ years . . . next-to-last in the SEC, but still the second most valuable “property” within the conference.