To illustrate why I don't think the SEC has to expand now though, or that Virginia and NC are not the only viable option here is my list of candidates as it relates to the SEC. Remember good additions for another conference would vary, for instance the Big 12 moving into Florida would be significant.
Tier one: (the "home run" additions)
Tier two: (decent additions, but not remarkable on their own)
Tier three: (not obvious choices for any number of reasons)
Now, some of those might seem like long shots and some offer limited value. But, if you are talking TV dollars, or basketball powers, you are not at all limited to Virginia and NC. Certainly, considering those options I don't see how or why VT could be the centerpiece of an addition. It is a very real possibility that the SEC jump the gun, end up third in the next round of additions and all because they couldn't stop slobbering over a mediocre addition. Remember, you do have to share your money.
But, there is potential for more money. North Carolina for instance seems to make more selling their tier three rights for more than the Big 10 shares. This means the value of their programming would be extremely high and would not just put the network in more states, but give it higher ratings. On the flip side, based on my math Syracuse could bring in around 45 million a year in subscriber fees. Mind you, that's split up amongst the network owners and is not counting expenses, but I think you get the idea. Yes, it's a reach but they were in the same conference as Miami. It could work.
I just hope the SEC starts looking at the top and doesn't spend all their time trying for mediocre. If they can yank VT out of there, sure... the ACC will fall, but they won't be much better off for it. They'll be bigger, but better? Not so much... however, if they can stall until their network is off the ground, they'll be much better informed and more capable of luring a big fish, or just figuring out if it's worth a reach to get into a larger states. Right now it's all assumptions, unlike the Big 10 who knew exactly what adding Rutgers would mean to their network.