It slows down expansion (since there shouldn't be any exodus, and of course makes it more difficult for us to get in. I don't know what the hell will happen to us as the article states that other leagues have similar agreements (Big Ten, Pac-12 and Big 12). Since the SEC doesn't have an agreement yet, that would be a conference to raid first but they are the strongest football league in the land. What hurts is that there are 5 conferences considered 'power conferences' and we are on the outside looking in.
As for basketball, March madness makes it still possible to recruit good basketball talent as opposed to football, since not only can we schedule elite schools but if we do well in the tournament we can beat them all. Sucks for football though.