UConn is currently in eligible for credit payments due to a litany of reasons. I think its just this year.
Lawyers will wrestle with that. I guess it would start with who gets to keep the BE name. The quick and dirty fix might be that the C7 agree to leave BE and forego the credits in lieu of the exit fee. The remaining FB teams would keep the BE brand and credits. The C7, form a new conference and the NCAA would grant them an autobid.
Legally speaking, I don't know how the C7 can expect to quit the league and then take its name with them. That just won't fly.
Their alternative is to vote out the other schools, while they still have a majority.
Then it becomes a breach of contract case where the C7 are paying damages to the ones they kicked out (or if you prefer, those whose offers were rescinded).
It seems to me the only way they keep the NCAA credits, conference name and Big East contract with MSG is to remain in the conference and kick the others out. That would take some serious balls.
I don't know how the by-laws are written, just going off of what I have heard in this case.