So how do we define "better"? It is subjective and personal, in the eye of the beholder. A PAC 12 loaded with the best MWC teams, the Dakota schools as you suggest (I really really do not think those other teams you mentioned have a chance at all to go PAC 12). But yeah, it's good...what is it up against on TV? What is the competition? Is South Dakota State vs Oregon State going to out draw Texas Tech and West Virginia? No it won't. So if we are talking millions of people watching a reborn PAC 12 with these MWC teams and these far north Dakota schools that people don't care about nationally, it isn't going to move the needle. I'm sorry to disagree.
UCF - Iowa State got 526k viewers. South Dakota State - North Dakota State, by far the two biggest brands in FCS and exactly who we are talking about in this hypothetical PAC 12 - when they played the same week, they got 174k people watching.
What is better football doesn't mean the country will tune in. A lot goes into it.