You'd be more likely to see something along the lines of (to be clear I'm not advocating for this, but it's the more realistic outcome):
UConn, UMass, Army, Delaware, Villanova, Liberty, FIU, MTSU, WKU
You're not going to pry away teams from the AAC for a football only conference, unless that conference can trumps the AAC's ~5M (football portion) payout. The MAC has a history of booting schools who are not all in and has a reasonable footprint already. C-USA schools would easily be in play though as their all-sports TV payout is close to UConn's football only deal (The Sun Belt (JMU) could be depending on what kind of TV deal UConn & Army was able to get the others).
The schedule would be decidedly less exciting and it would be massively incumbent to getting more games with Temple, BC, Rutgers, Syracuse (and other P5s from the Big Ten/ACC) where UConn has home games to build the schedule, because only Army (and to a lesser extent UMass) are ticket draws.
I actually think this ends with the termination of the FBS/FCS divide and the bowls. The rumored "G5 playoff" actually takes on the legacy of the FCS championship as a form of NIT. The 12 team playoff eventually expands to 16, but remains top 6 conference champions and at-larges. The FCS championship absorbs autobids for all conference champions not in the top-6 and the handful of at large teams remaining. Ultimately it's hard to measure a low-level FCS conference is going to upgrade, while the stronger conferences (Big Sky, MVFC & CAA) do not.