"Location" is a rather misleading description. Yes, they are close to NYC, but the main reason they are in is that they are the flagship university of a state with almost 9 million people, and therefore they have a large (real or potential) alumni and fan base. You wouldn't say Illinois is attractive to the B1G due to location, Champaign-Urbana is in the middle of corn country 2 1/2 hours from Chicago, but it would be in in a flash if they were a free agent.
As Nicky points out, past performance is not a reliable predictor of future performance. UConn risks being frozen out of championships because of its conference situation, and Rutgers might be able to upgrade performance now that it is in the B1G. We shall see.
As he says, let's be friends with those we want as our allies. Some people have a chip on their shoulder and it looks like weakness. Be confident. UConn will end well. We are too valuable to be left out.