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As an outsider I'll probably get blasted for this, but my honest view is:So whats our problem? Our revenue is 48th in the whole country.
New Money. In my opinion UConn is a new Blue Blood in Basketball, emerging only 10 years behind Duke and equally dominant in modern history. During that time UConn's academics have also gained in perception. I think UConn is 60 in the latest US News ranking. Regardless of facts, UConn is probably viewed unfairly by some as an average state school without a long prestigious history. No memorable football history (FCS). Even with UConn's positive actual academic standing, it's not AAU accredited, a factor (but not an absolute) for the B1G.
Location. While there are some pluses to UConn's location (overlap with NYC market and New England in general), it is also an outlier for the P5 footprints. But wait, BC is even further isolated! Yes, they are an exception, but also a not very successful example.
Rivalries. This is too often overlooked. Rivalries are huge for a program's exposure and fan base interest, but always take a back seat in CR. I would guess Cincy is your best in-conference rival, and that is a stretch. You should be able to hop in a car and show up at an away game. This is a big disadvantage in the AAC.
Politics. Ugh, politics. When UConn took the high road and backed the Big East, BC split. UConn fought the move and bad blood at BC remained. When UConn was working through strengthening the Big East in CR, Pitt was recommending that the conference reject a $1.4B ESPN contract, reject Nova's move up in football, all while negotiating entrance to the ACC. With friends like that... Anyway, treachery is unfortunately rewarded and loyalty not valued. Politics is related to the rivalries for sure. BC without UConn as a rival is a lesser program, and vice versa. The Yankees and Red Sox are hated rivals, but both are better for it. UNC and Duke are hated rivals, but both are better for it. UConn not only lost BC, but it lost Cuse, Georgetown, Nova, St John's, and Providence. Even if some of those teams have not been good every year, rivalries extend past that with their history (and generally some shared regional footprint). BC punished UConn, but BC has also withered as an ACC island without UConn. Who is BC's big rival?
Imo, UConn should be P5. But since you are not, I'd rather see UConn join the Big East. It is better to have some regional rivals and be in a basketball-first conference. Keep FBS football in the AAC or in another alignment (even independent), and if the P5 opportunity comes in 5 or 10 years you are no worse off. Football in the AAC is not going to be the difference maker in CR. 2011 showed that football and basketball results take a back seat.