Well, no.
The Big East's contract is a) bullet-proof and b) good for the Garden.
The Big East is there every year - they're not looking to stop in every fifth year. That's why the Garden makes the Big Ten bend and shunts the ACC off to the side-stage in Brooklyn.
Basically, what those two conferences are finding out is that despite all their chatter, they're still not in New York.
A bunch of southern dandies and some rust-belt relics are nothing more than wide-eyed tourists in the big city.
You do realize nearly half the Big East is now in the Midwest: Creighton, Butler, Marquette, DePaul, & Xavier.
The BIG and Big East overlap goes just beyond the 5 above because of the blooming eastern arm: Seton Hall-Rutgers, Villanova-PSU and Georgetown-Maryland (though Georgetown is actually in DC, not 18 miles away). Hence, the Big East - BIG Challenge which starts next year. This reality will only further acculturation between the BIG region and NYC. But it will take time.
NYC simply isn't owned by any major college team & it's largely based on two simple facts: it's a major global city filled with international transplants & continuous immigration and there will likely never be a major college football power based in the major boroughs. Sure Rutgers is within the metro, but not the boroughs, and we all know the Scarlet Knights have a long ways to go - but never say never. I had no idea back in the 80s and 90s that Oregon would turn into a major, constant football power. Same goes for Wisconsin football and Arizona basketball before Lute Olsen arrived. Heck, I never thought UConn would win 4 NCs in 10 years as well. I remember when UConn would get oh so close in the elite eight or lose in dramatic fashion in the sweet sixteen. I'd say to myself, what does Calhoun have to do here?
Bottom line, of all the major p5 conferences, it is probably the BIG with the most alum in NYC, but drowned out in a city that puts college sports much lower on the cultural attractions list.