"Apparently, you and your amigo don't get the above."
I never said anything about franchise values. I do find them irrelevant, and Baker relies on them too heavily to make his point. As you said, franchise value has a lot less to do with winning and more to do with other factors, such as location and market area. The Mariners enjoy a rather large market area (all of Washington and Idaho, most of Oregon, some Montana, Alaska, and Canada), and the only franchise even close to their border is the Colorado Rockies.
Winning does also raise value, though. The amount of revenue generated from playoff games is huge, so teams that are expected to contend are given a boost. Other assets such as the aforementioned TV deals or the presence of a team owned network (Yankees, Red Sox) also increase the value, since that's guaranteed revenue every year. Stadium values also help, including numbers of box seats, capacity, newness, etc. For the Mariners, the value of Ichiro can also not be ignored, as this brings in international interest and revenue from Japan (in actuality, the Mariners could easily pay for Ichiro's annual salary just with this revenue alone).
If the Mariners do get a new lucrative TV deal when (not if) they opt out in the next couple of years, they're a winning season away from being a top 10 valued franchise. Considering what the team was purchased for, if a sale was impending, and there's no evidence anywhere that it is (despite Baker's speculation), then they could have already sold the team for a huge profit. Waiting isn't going to benefit the current owners that much. Anybody who would want to buy the team would want to negotiate their own TV deal, rather than buy someone else's.