It's California, so, no.
The UC system is all one (same as the U's situation), but bigger, and muktiple D1 schools involved. The division of funding from the state is far more complex than in Minnesota (not for any real reason). The decision was centered on the negative impact on Cal's revenue from the dissolution of the PAC-12 (as I understood it) and then the disparity in revenue Cal gets from the ACC vs UCLA's cut from the B1G.
The goal is to make it equal for the UC system, having everything to do with politics and not much based on reality. I don't live in California anymore but there is a real competition between Northern and Southern California that plays out in politics and funding, so they're trying to make it "equal" between the two largest schools in the UC system.
To quote Bad Religion's song "Don't Pray on Me; "Now Everybody's Equal, just don't measure it it"