I think there is much discussion of movement largely because the Power 5 conference designation doesn't mean the same thing anymore. It used to be 5 very strong conferences and Power 5 referred to the group of them as relatively equal members. With departures from two of those to create two super conferences, it is now two very clearly at the top, then a second tier of three conferences, then conferences like Big East and AAC and the best of the rest.
Now three former Power 5 conferences have to decide if they are fine with their new second tier status behind the top two, or if there will be some attempt to consolidate the best teams from those three plus some outsiders like Uconn into a third top tier super conference, while fearing that their conference could be on the other end, getting drained of top programs and be reduced even further.
I have no idea how it will play out, but fear the NIL influence has made getting into the best conference even more important. There is a great deal of exploratory talks probably going on and Uconn needs to be part of the discussion whether they do anything or not. Several conferences could see their status jump up or down significantly over the next few years.
As for Uconn the ACC would seem to be a better fit to me, but only if they stay near the top. If it winds up being a watered down conference, the Big East at least for basketball, could be a better conference, particularly if they got a castoff or two from the ACC.
Regardless Uconn is a very interesting bargaining chip on the basketball side, even if they are not on the football side.