Re: Big Ten Hockey Conference
To some degree, they prioritize basketball because they have access to those TV rights easily.
The Big Ten gets the media rights to all the home games they play. Things get tricky in hockey, because both the Big Ten and the WCHA/CCHA have a legitimate claim to those rights, not to mention the fact that from years of being ignored on a national or conference wide basis, many teams have their own local media arrangements.
It's easy to sort all of this out in, say, basketball when there's a clear hierarchy of contracts and authorities - the Big Ten has contracts with ESPN for weeknight hoops games and with CBS for a Saturday game of the week - all other games were previously syndicated on ESPN Plus, but are now produced and distributed by the BTN. Hockey's arrangements vary from school to school, and even from game to game.
Once you put all of that in the context of a Big Ten Hockey Conference, it's a lot easier to sort that stuff out.
I'd agree that TV isn't the driving factor behind adding hockey, but having the BTN is certainly an added incentive for a school like Penn State to add hockey, knowing that they can hop on to something that already has momentum, rather than try to build that media presence from scratch or try to gain entry into one of the few but full stable college hockey conferences.