That all remains to be seen. We've never been a top football conference and thinking that a 16 team basketball conference widely considered as the best as currently composed will become mediocre by losing 3 high quality members sells the remaining 13 schools pretty short. It's a setback to be sure but we'll still be in the top 3.
Basketball has so little to do with the value of the league it's got to be the reason you overvalue the conference. Each school will play 30+/- games. That's plenty of content no matter the conference. What little affect the value of basketball has on the contract was greatly affected by the loss of WVU, Pitt, and Cuse. Those were 3 of the top 10 in the conference. With Cuse easily among the top 3. Sure, Houston, UCF, SMU could get better and compete, but the conference is not going to be paid as if those schools had the history, prestige, and fanbases of the 3 we're losing.
We've got the weakest BCS football conference, by a wide margin, in terms of fanbases and prestige. The conference is losing 3 of the best basketball schools in places where basketball can actually compete with football for fans media coverage and picking up 3 schools where it really doesn't.
Aside from basketball, the big east is the farm conference for everyone who matters or stepping stone for those who want to matter.
Our football coaches use the programs as career boosters, other conferences take (who they believe are) our best teams, and we can only convince programs to join if they aren't already BCS programs. On top of that, we still couldn't couldn't convince a couple of our first choices to join despite the BCS tag.
And our best hope for a good contract (thanks to Pitt/Cuse), is a network that's only interested in us because they have nothing else to offer.
I sincerely hope we get a mega contract that adds stability to the conference. I don't see it coming.