I know this sounds nuts, but I like this move...
Just questioning the baseball and soccer programs, that's my small but not important worry.
The only nuts part of your statement is your worry over their soccer and baseball programs.
For soccer, the Big East still has plenty of quality with UConn, St. John's, Rutgers, Louisville, Notre Dame, and South Florida. The only team of note that we lost was West Virginia in soccer. Even if none of the new teams add anything in soccer, we will still be in the top 3 conferences in the country (behind the ACC and maybe the Big 10).
For baseball, we were never a league that really played that well anyways (it still snows in March at many of our schools). But the good teams are still here as well; UConn, St. John's, Notre Dame, Louisville, Seton Hall, and Cincy. I'm not sure about SMU, Houston, or Memphis, but they are certainly in baseball territory and may add to the product.
My only concern is whether or not Temple adds to the football product, and I believe they do. Couple that with a very good basketball program, and we're in business...