You may be right and you wouldn't have to go far to find many in Big Twelve country that would agree with you. However, with only ten mouths to feed they distributed the largest amount of money to their member schools last year among power five conferences. I know your conference will get a tremendous boost from the latest negotiated tv contract, but according to our commissioner, our latest contract has escalation clauses in it that will keep the Big Twelve payouts per school very comparable with the other Power Five conferences. That money, the regional nature of most of the league(minus West Virginia) plus the multi-year media grant of rights each school agreed to will likely keep the Big Twelve around.
In essence, the view from many conference supporters about not getting into the first playoff had a lot to do with the makeup of the committee (mostly old farts that succumb to tradition even though tradition is irrelevant to today's played games), a larger fan base that Ohio State represents(got to keep ESPNSEC happy), and the fact the Big Twelve played no Conference Championship game. That latter complaint holds no water because the Big Twelve schools already played nine conference games against power five schools. All Ohio State did was play and win its ninth conference game vs. Wisconsin so does the committee expect people to believe that Ohio State's fourth non-conference game was more impactful than their conference wins in a league that was rated as weaker than the Big Twelve?
The committee succumbed to tradition, larger fan base(TV pressure), and the fact the Big Twelve potential representatives were smaller private schools. That just wouldn't do and so they chose the traditional school with the larger fan base. Barry Alvarez alone probably lobbied about how impressive the win against his Wisconsin Badgers was even though they had no quarterback that could complete a forward pass all year! Thus we have no Big Twelve school in the playoff and the people truly screwed by that committee was the players at either Baylor or TCU. I wouldn't be surprised if they prove they belong with how they both handle their bowl games. If they get throttled, then we will eat all the crow that can be cooked. We like our's medium well by the way!