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It is a curious situation.
If you look at the Big Ten, they neglected markets and went for a traditional powerhouse in Nebraska.
The Pac 12 took Colorado, which appeard to be largely based on adding a large market, but then also added Utah which added kind of a middle market (SLC is #32, but Utah is one of the least populated states in the country) and a recently strong football program.
The ACC's recent moves, with the exception of VPI and Miami, have been largely rooted in markets, rather than program strength. It can also be argued that they have methodically killed off their competition from the Big East.
The SEC looks to be going solely on adding markets and opening up new territories (I'm guessing recruiting in Texas will be utilized a lot more now).
The Big 12 seems to be going more on adding program strength over markets.
There really does not appear to be one driving factor in expansion, as each conference seems to have its own priorities.
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