The problem with relying on TV Audience is that audiences aren't conditioned to watch football at that time of year. Once the Super Bowl is over many people don't want to watch more football. Ask the USFL, XFL, or whatever incarnation is trying it this time.
You are in the middle of Basketball Season. If the IU - Purdue Basketball Game is televised at the same time IU plays Rutgers in football, which one will you watch?
Then you have the problem of comparatives. If the SEC, ACC, and Big 12 get there Seasons played this fall, and aren't playing next Spring, what are you playing for and how do you compare Play and Results in the College Football Universe? You also run into the same problem Major League Baseball and NBA are running into with shortened Seasons. If you don't play enough Games to have a full 11 or 12 Game Schedule you may not have balanced schedules that are comparable. You also can't readily compare team and individual performances from a historical perspective.