UConn is in deep trouble. Hoops profits, both Men's and Women's, keep the Athletic Department afloat. A single bid or two bid mid-major conference will destroy that profit center and force budget cuts of about $7m a year in athletics.
Connecticut is very unusual in FBS ranks, where MBB has $5.8m in revenue, WBB $4.4m in revenue (Combined over $10, profit of $7.7m), and Football about $5m in revenue and almost breaks even.
If I were UConn's AD I'd sell Big East Olympics down the river and have ESPN and MSG pitching the Huskies to the Catholics, maybe Temple as well. If that fails, It'd get together with Temple, Cincinnati, and Memphis to go to the A-10 as a group (replacing Xavier, Butler, St. Louis) to stay relevant in Hoops and play in the new Brooklyn Nets facility.
Big East Football will continue in some form, and whether the TV money is a mere $2m per year or a lofty $3-4m, it pales in comparison the the profits of Basketball for the school.