You got that right! They hate our success, pure and simple!
Remember, they were part of the BB royalty in the old BE and we completely eclipsed them. In football. they haven't won a Natty since the 50's (same decade Princeton last won a Natty in football)!
Speaking of football, when we got hosed conference wise, in 2011 and 2012, we were in the midst of a 6 game winning streak vs. Syracuse. In BB, it hasn't been close for decades - 6 Natty's in the last 25 years to their 1 more than 20 yrs ago!
In addition, it is a $90k/yr, second-tier, private institution in the hell-hole city of Syracuse. The only thing Syracuse is rated number 1 in is having the worst weather of any college in the U.S. They are envious of our better academic standing, attractiveness and relative bargain cost. They despise us for our great success in BB and our current dominance of the MSG market. OTOH, they haven't done much in their own conference and don't really move the needle.
As was noted, I do believe they are working to organize something so they don't get left behind. They remind me of the guy who tried to organize a men's league team (you pick the sport), so he could guarantee himself a place to play. They can't get there on merit or value. They figure they'll do the leg work and the important participants will toss them a bone in the form of a slot.
People say we should be nice so they may help our cause. Don't count on it - I believe UConn is considered a threat to them. They may say this or that but expect it to be BS. On the bright side, a reckoning is coming. Eventually, all will be judged by their relative merit and value or lack thereof.