Football teams in the Big East get a bigger portion of the TV money, but if they split off on their own to create a "Football Big East," their next TV deal wouldn't be significantly less than the current one. It would be less - but enough to keep them floating. The remnants, which would be the basketball schools, would easily be the largest TV contract ever signed by a non-football conference - however, it won't come near the deal they'd get if they had football schools to latch onto that provide three more months of programming. That would be offset by the fact that everyone gets a bigger piece of the pie, and it's still better than any other option. Take the basketball-only schools, snap up some good Jesuit schools in Xavier, Dayton, Creighton and Saint Louis, then strike out on your own.
The discussion is obviously there as far as location. The preference, as it would be for any school, would be to play in the campus neighborhood. However, about 30% of all I-A FBS schools play two or more miles off of campus. On-or-near campus, there are few options, the best of which is that same Wisconsin Paperboard Corporation space that the neighborhood association wants to turn into an arboretum. That space, as I've illustrated elsewhere, could be re-appropriated to house a basketball/volleyball/hockey arena, a practice barn like YSU's WATTS, and a football stadium. Surprisingly, that's with considerable space to spare. If they committed to buying up more land in the area, they could even add other facilities or additional parking. Let's say that doesn't work. In the 11 miles from Hawaii's campus to Aloha Stadium, the university could find...what, 15-20 spaces where they could build a stadium? On-campus is preferable, but football at all is the goal.
You say that MKE likely would not be an option for the Big 12 for a long time. You're right. My expectation is that 2030 is the earliest a Milwaukee football program could find itself in a BCS conference. That is if the BCS exists then. That time is 18 years from now; 18 years ago, Milwaukee joined the Midwestern Collegiate Conference, actually averaged about 100 fans, and was the lowest of low-majors. Now look where we are. The idea that another 18 years will mean only marginal advancement is...unlikely.





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