You simply cannot look at the city for "market" when it come to college sports. Especially state schools. CSU has at least part of the Denver market, as well as the rest of the state.New Mexico is 48 in market size, Las Vegas is 40th. CSU is 88th. FSU is 55th in market size. WSU tv market size would include King County and eastern Washington so it is big because of alumni size. WSU lawsuit vs Pac12 paid the costs of buying teams. It looks like according to Seattle papers, UNLV, AF, Texas State, and one more Texas school for expansion in the next four. Of course, ACC blow up would change everything. New Pac would have to have at least 12 teams to be competitive in NCAA seeding. New Mexico could sneak in but low average salary in New Mexico doesn't attract big dollar advertisers. My opinion is Big12 with a reduced share of revenue or a share of visitor ticket sales at Allegiant. Clark County has too much money invested in highways, bussing, casino's to blow off UNLV even though Tulane is facing the same obstacles of pro sport competition. Pro Sports revenue is an issue for even a NBA expansion team. Only so many dollars for leisure and UNLV would have a competitive advantage in basketball with Big12 teams because of ticket pricing.
Honestly media markets themselves are starting to be a bit more inconsequential. It is ratings, period. With TV being so stream heavy and college sports not being relegated to market only side channels, it is all about ratings and eyeballs. It is a little different in pro sports, because the model there is having region specific channels to show local games, but that doesn't really exist in college sports.
What matters is how many people watch the games, in person yes, but mostly on TV. I would imagine that there is a strong correlation there.