UConnNick-nice job with the counterpoints of the issue with one/two minor rebuttals if I may-
The conference alignments are about the 2, and only 2 revenue sports: Football/MCBB. In order to compete in CFB 35-50% of your recruits need to be regional i.e.New England, otherwise you can't field depth. Add in 11 paid assistants and large fan base to donate and come to the games and you see the issue. No New England University or for that matter Eastern Seaboard team north of Virginia can compete in CFB. So why waste the money, tax dollars and cost of other programs to try?
Forego football, focus on Basketball, baseball, hockey, lacrosse, soccer, swimming and other sports where the Northeast pool of talent is abundant. The Big East does offer significant competition in all of those sports. The BigEast WCBB is still better than the AAC-besides DePaul, there's Marquette, Villanova and Creighton all in the top 50 on Massey and Georgetown/St.John's all in the top 72. AAC has 2 in top 50 and 3 in top 72 with UCF. As you say, you should look at the other sports as well and think of the more regional travel to take the burden of the other sports to compete-Butler, Creighton and Xavier being the furthest with only Creighton not in the Eastern time zone.
I do know the issue is not dead and I think with UConn Hockey showing life, the budget situation will start to determine where funding needs to go as the Connecticut Tax payers do not want to subsidized D1 football... JMHO..