That some streaming services are still operating at a loss is largely irrelevant. This is about contractual agreements. If Paramount + is in the red but signs a contract saying they will pay the Big 10 $X million over Y years to add certain teams or air a certain number of game, the conference now has a legally binding document to get paid. They don't care if Paramount is profitable or not as long as they get the money that was promised. If Paramout were to collapse the Big 10 would pursue legal action to collect and would shift to a different streamer in the next contract.
The Big 10 is dealing with the big dogs in FOX, Disney (ESPN) and CBS, not a small streamer like Paramount +, so the odds of these companies going under is pretty small. I'm not sure the Big 10 even cares if the games are streamed or broadcast on cable, they just want whichever nets them more money. How the games are delivered is probably largely up to these companies, provided they meet some minimum standards that the Big 10 would contractually insist upon. These companies are actually more likely to want to stream the games, they probably view sports as leverage to boost those struggling streaming services into the black financially and and accelerate the transition away from the decreasing and dying cable business.
Since streaming isn't tied to geographic areas like cable, the old priorities such as media markets and cable carriage fees and no longer matter. Ironically if Rutgers weren't in the Big 10 today, they probably wouldn't be of any interest under the current model as their location and media market was previously one of the biggest things working in their favor. They are very fortunate they joined when they did as now ratings and the power of one's "brand" are the most important factors.