SCOTUS was looking at the relationship between schools and athletes, not among schools.
Yep, and SCOTUS's view was pretty unambiguous that it believes the NCAA's model is anti-competitive in how it limits earning potential of NCAA athletes. Given that context, and the inevitability of the case eventually being heard by SCOTUS, we're going to see a lot of schools doing what they can to find as much TV money as possible.
Consolidation hurts competition by making it more difficult to compete. It could be argued that the Pac-12-minus-two is now less attractive to students because they won't be playing teams in the #2 media market in the U.S., so getting elite recruits will be more difficult. It might also be more difficult to hire top-level coaches. The conference could also be less attractive to ticket-buying fans -- especially at Cal and Stanford -- because the two most storied programs are now gone.
Who is making this case? The individual schools -- i.e. the non-for-profit academic institutions whose missions are unrelated to recruiting football players?
For decades the NCAA and member schools have been insisting that college athletics aren't a business and that they're non-profits. The idea that they're now going to appeal to the DOJ because UCLA and USC went to a new conference and they need an anti-trust investigation to save their definitely-not-a-business from losing money feels strange to me.
In the context of the DOJ, competitiveness isn't about on-field parity. It's about businesses can't lessen competition within markets. I've been told by these very schools and their governing body that this isn't a market. So, shouldn't be a problem, no?