Scanned through it and it reads just like most media outlets explained the situation, Temple is considered an affiliate member for now so therefore does not have a vote, that leaves Uconn, Cincy, USF and the 7 catholics as voters. That gives them enough votes to dissolve the league and it sounds like the manner in which the assets of the league are divided (I am assuming the name and NCAA tourney bid are part of the assets) is just put up to a majority vote. So in other words the name and bid is leaving with the BB schools.
Something I found interesting when reading the article was the part about the withdrawl fee, Air Force was mentioned and it sounded like the conference really thought they were going to be a member. Guess I didnt realize that they were actually that close to joining.