The Big East is looking for a second TV deal. Their second tier rights will produce several million additional dollars. Exactly what I thought.
NBC is offering primetime exposure and marketing that ESPN cannot offer them. ESPN has the opportunity to match or exceed the NBC deal, but for the Big East to sign their first tier rights to ESPN, the deal would have to produce revenue significantly greater than NBC's offer (maybe double?).
http://ajerseyguy.com/?p=5173
The MW ($12 million 1st tier), C-USA ($16 million 1st & 2nd tier), MAC ($2 million 1st tier), and Sun Belt ($1.375 million 1st tier) are in no position to put down the Big East's offer ($20-23 million 1st tier).