Back to scheduling...it seems to me the real question is what is the value of these mid week games to OHIO? ...
I think you covered it, for the most part, Casper. Being realistic, in the absence of mid-week games, MAC games on TV would be scarce, just as they used to be. Thus we can presume that in the absence of the mid-week games, there would be no ESPN contract at all.
The value, therefore, takes several forms:
1. Cash value - the ESPN contract pays Ohio about $7-800,000 a year, if I recall. On the other hand, it costs Ohio attendance, and concession revenue for a couple home games. The net is probably about $500,000 more revenue for Ohio.
2. Exposure value, which you hit on, takes two forms, exposure to potential recruits, and exposure to potential students. Note that it doesn't have to be a conscious choice, so surveying incoming students would have to be done carefully. You can't ask "is it the primary reason you chose Ohio?" because no one would admit to that. Instead you might ask "did you ever see any Ohio sports on TV, and if so, which sports?"
3. Connectivity to alums - The value to Ohio of those 60 year old guys might be former students who, seeing Ohio on TV, think back to their days in school. Later, when they fund raiser calls, they open their checkbook and send a donation. As I have pointed out in the past, schools with successful football programs seem to experience better giving to their general fund (not just to athletic giving).