You have to realize, the failure of the conference has nothing to do with the hybrid model.
Say in 2003 we split, add ECU, Temple, UCF, etc. for all sports. Flashforward to 2011, the ACC invites Syracuse and Pitt, do they still accept the invite? They still say yes without a shadow of a doubt. The reason the Big East has been susceptible to raids is because we don't have the football brand name power that other conferences have. What have the basketball onlies prevented us from doing so far? We wanted TCU, we got TCU. A 9 team football conference would have been ideal for our purposes (round robin schedule 4H-4A games) and it wouldn't have diluted the per team payout as much as adding 3 more schools would have.
That doesn't change if we drop the basketball schools. What does change is we go from at least being relevant in hoops, to being the 2nd best conference in our own footprint. Since football does drive the bus, how is it smart to get rid of our 2nd place bowl tie in? You really want the 2nd place team going to Charlotte?
Football does drive the bus when it comes to conference football contracts. To totally dismiss basketball and get rid of it based on assumptions, hyperbole and internet message board dogma is silly.