I think UConn has made a smart decision. Rather than play the waiting game they have decided to be proactive and make a move that re-invigorates the athletic department. When was the last time that UConn was headlining every news organization across the country? It's been a while now, especially by UConn standards!
They are going to use the Big East to drive enthusiasm across the fan base. UConn has a built-in advantage over the private schools, it will exploit that advantage, and soon enough it will be competing for championships in Men's and Women's basketball. It will regain its status as a school of champions while cutting the financial bleeding of expensive travel/logistics across the country. Re-invigorating the athletic department will only do well for UConn football. If the UConn brand its enhanced, it will help all the programs, including football.
The conditions that made UConn football succcesful in the 2000s are still there (infrastructure, statewide support, large student body, great facilitie) so I know that the school can return to those days if its gets back into a "virtuous cycle".
Let's cut the war between the football and basketball fans. We are all on this together! UCONN!