Realignment has never been about quality/deserving to be "in the club." It's been about what do you do for us financially. UConn's exclusion to this point should help demonstrate the point... basketball success doesn't matter and it's not about being "fraudulent" or being "credible." Similarly, you could've argued a football system without Boise in the early 2000s was fraudulent & how'd that work out for the Broncos?
People clutching to the argument that the Big East is too good to leave out, have missed the point Lew Perkins was trying to make when he first proposed upgrading the football program. It was needed to protect basketball, unfortunately they started too late and cut too many corners when realignment got hot. They continue to cut corners.. and the failure to develop football properly may ultimately doom basketball to a lower level of competition (unless UConn can find some life-raft).
Outside of UConn/Villanova the Big East is just a collection of schools under a decent Brand name. If you replace Butler with Dayton and there is no change with the value of the Big East (among networks, UConn fans may care but that an $8 will get you a Latte at Starbucks); replace Seton Hall with St. Bonaventure; Marquette with Loyola; Creighton with Rice and there is no change to the financial value of the Big East. It's value is driven by UConn, Villanova and the Big East name. The other schools are between "airable when they're good/ranked," "worth airing only when they play UConn/Nova" and "programming filler, tagged to the Big East name."