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The AAC wouldn't allow that many teams to turf only their football programs in the conference, and it would kill the conference in BB. I doubt they would allow even one school to do that. So you'd have a BB conference that would only attract Big East/A10 money or less, plus you have to play your other Olympic sports in some conference, so they would have to be included. Financially it wouldn't work.
If those schools announced that they were leaving to form their own basketball conference (and I include Olympic sports in that), I'm not sure what the AAC would be able to do to stop them.
However, you are right about the financial aspects of it so it's probably not worth it.
It would be an entertaining basketball conference though