Miami, BCU, the ACC and ESPN staged a coordinated raid on the Big East designed to destroy the conference and every athletic program in it. Miami and BCU would have gotten paid if they stayed in the Big East, but they thought they could get a few million more if they destroyed their conference. Ironically, by every measure, that plan failed. Only one member of the Big East at the time Miami stabbed the league in the back did not end up in a major conference. That school was UConn.
I am not sure what Miami got out of hobbling UConn's football program, but I doubt it was much. ESPN ended up paying a lot more money and lost a lot of the content anyway, and the ACC ended its basketball dominance by adding mediocre Miami, VTech and BCU programs. Pitt's basketball program was gutted when it left the Big East because it lost NYC as a recruiting area. The ACC lost on both football and basketball, and is a Clemson run away from being completely irrelevant nationally in football.
That decision ended Miami as a major football program. In their final 4 years in the Big East, Miami went 3-1 in bowls, making a major bowl every year. Miami is 3-9 in bowl games since, only making one major in the 16 years since they left the Big East. In fact, all the former Big East schools have been significantly worse in football since they left the Big East.