these huge payouts are in large part due to media rights. People are unplugging from cable and finding alternative ways to watch their favorites shows/events. The business model of ESPN, BTN, etc, etc relies on bundling themselves into cable packages - thereby all of the cable subscribers end up paying for these channels even though a small percentage may actually watch them. Many of us watch the sports channels but in order to view also end up paying for HGTV, MSNBC, FOXnews, etc, etc, etc. This business model that drove these massive conference payouts is becoming dated. There have been several threads here proclaiming how people are leaving cable and ESPN, etc. ESPN isn't really losing revenue because fewer people are watching the network, it is primarily because people aren't paying for the cable packages that include ESPN. No longer are the people who are only interested in a few niche cable channels going to pay for the other 500 channels that come with that particular cable package.
I'm not sure these massive TV payouts are going to continue. I am not sure everyone should be celebrating ESPNs struggles as this has huge ramifications for the conference TV media rights. The same things are happening at fox sports, etc, etc.
https://www.si.com/college-football/2016/03/28/how-are-college-sports-media-rights-deal-evolving