Interesting topic. If I may weigh in from the other side, I don't think the teams will regret it as much as some people think. First, you have to consider that flight times vs. distances do not scale linearly, like drive times typically do. A flight path is dictated by fuel consumption more than anything, and the most fuel/second is burned during the takeoff and climb out phases of the flight, when the engines are at full throttle. Once a flight reaches its cruising altitude, the pilot is able to dial the engines back a bit.
For longer flights, the pilot will thus trade more fuel consumption and a longer climb phase for a higher cruise altitude, where the fuel savings will occur, but because the flight is cruising at higher altitude where the air is thinner, the aircraft's relative ground speed will be higher. To put real numbers behind this, look at a direct flight between LAX and Seattle-Tacoma. The distance is 830 nautical miles, and the commercial flight time is 2 hrs 45 min.
A similarly direct commercial flight between LAX and Chicago O'Hare covers 1516 nautical miles, almost double the distance, but only takes about 38% more time (3 hrs 48 minutes total). Again, the general rule is that the further you fly, the higher and faster you fly. For the two examples given, it would be an average ground speed of 302 knots vs. 399 knots.
But the added flight time only tells part of the story, because one thing those schools will now be able to do with the surplus cash is charter private flights for all their teams, not just in the revenue sports. This makes a HUGE difference when your base hub is one of the five busiest airports in the world. If you are flying commercially out of LAX, you need to pad at least 2 hours just to get on. For one thing, the traffic to get there can be a nightmare. Even driving around LAX's traffic horseshoe from one end of the airport to the other can take half an hour or longer on a bad day.
You have to check bags at least 45 minutes early, get through security, move through a huge terminal (that alone can be 45 minutes of walking for some of the more remote terminals), wait to board a flight, wait behind a lot of people to get off a flight, and then wait at baggage claim. This of course also assumes that you can find a direct flight where you are going, which is rare since few universities with major sports programs are actually located in major cities. For example, the commercial options for a road trip to WSU are not attractive at all, as one must either settle for a direct flight between LA and Spokane, followed by a 1 hr 18 min bus trip to Pullman or instead opt for a layover (most likely in Portland or Seattle) to catch a Horizon shuttle to Pullman-Moscow.
Either option adds additional time and stress that more than offsets the slightly longer flight that could be spent catching up on sleep or doing homework. Consider instead that LAX's charter terminal is a tiny little building, FAR away from its traffic bottleneck on the south end of the airport with minimal security, a minute fraction of the people going through, and the planes are right next to it. Bottom line is that when the teams start chartering private planes, the flights will wait for them, not the other way around. My wife was lucky enough to snap photos with several members of the LA Kings on their way out of town as she was taking a charter for work and had exactly 10 minutes at the terminal between the time the shuttle dropped her off and the plane picked her up. The student-athletes will be treated like royalty.
And that isn't even accounting for the rumor I've heard floating around that USC (and possibly UCLA jointly) are looking into building a remote campus/dormitory/training facility somewhere in the Midwest so that teams won't have to take long flights home between back-to-back road games. If anything, their travel burden will be significantly reduced.
Oh, and if we are learning anything from recent coaching moves, more money will enable USC and UCLA to poach more coaching talent, which means those athletes will be trained by the best.