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A lot of things did matter that don't know. Things change. Location was and is still a major factor. At first conferences were created by region but that no longer matters. Then markets became more important. See Exhibit A, B, and C: Ruttie
I think AAU is still a factor. All Big Ten schools are research powerhouses. If the Big Ten wants a non-AAU program, it will suddenly get an invite. Oregon is probably the weakest link in terms of size and research, but it has football and Nike.
UConn is just not large enough. Enrollment, ranking, national titles, yes. Supposed market (I think they look at a map and see a small square), endowment, research, UConn falls short. I think if God forbid UConn and UMass merged, and maybe Buffalo, to create Northeast University, or UConnNYMass, the Big Ten would swoop in pronto. The founders didn't foresee the CR mess.
If your football team is really good then none of that matters.