Perhaps. But others like Rice and Tulane once played with the big boys. I do think there is a bubble, and these dollars won't be available for long. When it comes crashing down, I wouldn't be shocked to see like minded institutions coming together and forming new leagues.
We all talk about the money, but it's not much money. UConn's 70+M a year in revenue would make it a "small business". It's more at UT and Ohio State, but still under $200M I believe. Not really big numbers. The costs of operating these departments exceed the revenue at all but a handful of schools. There are maybe 10-15 that are revenue positive, even in this environment (maybe more soon with the B1G deal). It can't last forever.
If a group of near Ivy schools were to break off and form a league, I wouldn't be disappointed if UConn joined it. Unfortunately, it wouldn't likely be a regional league for us. The best candidates are Duke, Wake, Vandy, Rice, Tulane, Georgia Tech, Northwestern, BC...not sure who else. That would be prestigious company. It's why I'll never complain about being in a league with Tulane. It's the best school in the league.