Yeah two reasons why its more (outside inflation which will drive up the value on its own if we're looking out a decade). The first is big money games not in the Playoffs are included now. The Rose and Sugar pay out $80m a year to the top team from each of four conferences who are not in the playoffs. The Orange pays out a bit less because its one conference and the next tier down. Combined that's something like $230-250m a year to host good teams that don't have anything to play for, but that game, that will now be included in the 12 team. Now that its for something, that number with likely double. 6-8m people watch NY6 games, 15-18m watch semis.
Then the more chance you have to keep the top teams alive, in football, drives eyeballs. Top teams blowing out teams do not rate well. Top teams grinding out wins against other top teams with something on the line do, by a massive amount. A #1/#16 team isn't worth much up front, even if that rare time a 16 wins and gets good ratings, because you can bank on more blowouts than upsets. Like insurance, they actuary out those numbers to value the options then lump it all together over the course of a contract. If they think the upset will happen 5-10% of the time and its an 8 year contract, it likely won't make much of an impact. But a 5/12 one weekend and a 4/5 the next, protects the big number, meaning, even if the 12 wins, there is buzz leading into week with either two with high ranked teams, who tend to have bigger brands, or a story of an underdog taking on big #2 for a chance to run the table.
They could probably payout more if they let teams decide if they get to play in a bowl if they lose in the first round, but currently it looks like all the teams in the top 12 are win or go home for the year.
Either way, those last four spots in a 16 are worth considerably less than ensuring 1-4 are alive the second weekend.