The first thing we need to look at is what this conference has been over the past few years, what it was going to become and how much different things really would be for a couple of years. Short term, we can still play a game a year against Georgetown, Nova, if we care to St John's & PC (possibly at very favorable terms) and see a schedule that would be little different than what it would have been without a departure of the catholic schools. Hell, we went a few years without playing two conference members each year and only have home and home games against three. The 'conference game' title would be the only difference.
Football would not change and i doubt that any other sports would be impacted too greatly. Long term, again, long term either lands us in a better conference or we will be screwed whether the catholic schools remain or not.
There really is no reason to see this as anything significant in terms of the big picture unless you can demonstrate that the catholics remaining in the BE improves our chances of a B1G or ACC invitation than their leaving. I personally believe that our eventual destination will be all on us.