This is, in essence, what is happening to Washington St. and Oregon St. in 8 months.
The 'elite teams' in the Pac 12 are headed for greener pastures in August, where the media rights deals are much more favorable (Big 10, Big 12, and even the ACC).
The result is that the two teams left behind, Washington St. and Oregon St., will see their annual media rights checks reduced from $30 million/year to just $3 million/year.
Your scenario above could well happen - eventually - but it will not be your 'non-paying' teams who will make the decision. It will be the heavyweights who conclude that the revenue generators will no longer share that revenue, but rather will keep the revenue.