Kind of.
I think that Connecticut and UConn's financial situation sort of boxed in the administration.
Football is expensive and UConn, no matter what, was going to find it difficult to be in the top third of the AAC.
I think that the move was a solid, but forced choice.
I also think that it squarely moves UConn away from Cincinnati, UCF, USF, Memphis, Houston....and into the basketball school realms of Villanova, Gonzaga, etc.
"Hurt" is a term that depends on the outcome that you desire.
It will not hurt the basketball program and should be an assist. It may hurt future chances to move into P5s if they do expand...