The overall point is correct but some of the specifics are not.
Revenue sharing only applies to conference games. The contracts with non conference teams specify the fee the visiting team receives as well as a cap in the number of tickets that can be purchased (and I’m guessing most don’t approach this cap).
Conference games are different, Each team is required to put in the money sold for tickets (let’s use the Indiana game as an example). The required contribution (or floor) is $300,000 and the ceiling is $1million. If Northwestern sold 5000 tickets at $50 a piece for the IU game, even though that’s only $250,000, Northwestern would still put $300,000 into the “kitty” representing that game. If NU sold 10,000 tickets @$50, all $500,000 would go into the kitty. If they sold 10,000 tickets at $120 a piece (earning $1.2 million), only $1 million would be paid to the conference office.
The “kitty” represents all 90 conference games. (20 teams playing 9 games (but against each other). That money is combined and then split evenly. The upshot is that Ohio State, Michigan and Penn State make less than what they contribute, while others get more out from what they put in.
Conference minimum for tickets provided to the visiting school (again conference games only) is 2,000, though most offer 3,000 and sometimes it’s “how many do you want?”