That would make for a nice conference, but the timing would have never worked out. PSU was denied in the 80,s. Then chose the Big 10 and would not have come back. Without PSU, Maryland was not joining. Miami was added to fill a football void and was only added because PSU was not. VT was added a few years after Miami, but did not have the clout to be in a football first league at the time. And more importantly than all of that, Uconn did not have a D-1 football team until 1999 and did not play in BE until 2003.
Basically, if a football league formed in the 80's it would have PSU and Maryland, but no Uconn, Miami, or VT. If the league formed in the 90's it would have Miami and VT (possibly), but no Uconn, PSU, or Maryland.
It's fun to play the what if game, but in reality one moment defined the Big East more than any others. The Big East turned down PSU and has forever paid the price. Each of the Major conferences have "blue blood" or "cornerstone" Universities. The Pac has USC, UCLA, Stanford. The B1G has Mich, OSU, PSU. The B12 has Texas, OK. The SEC has Bama, Florida, Georgia, Tenn, Vand, etc. The ACC has UNC, DUKE (BB), FSU, Virginia. The Big East had Miami, Pitt, WVU, Cuse. With 4 localized private schools leading the charge, the Big East was never in a position to compete with the other conferences. PSU and Maryland would have provided additional regional and national support.