From the KC Star:
The income from all of its TV contracts plus other sources of revenue such as bowl games and the NCAA basketball tournament will result in about 76 percent distributed equally.
Previously, about 57 percent was shared equally and the rest went to schools based on television appearances. The more a team was on TV, the more money it received.
This won't necessarily improve competitive balance, but it should improve the political climate within the conference. Nebraska didn't leave because didn't leave the conference because of economic inequalities. NU left because it didn't like the Texas-centricity of the Big XII.