Well, as a football conference, that's a pretty bad conference. As a basketball conference, it's even worse. And why send your non-money makers to Louisiana, Texas, and Florida for over 50% of their road dates if you can simply play better competition closer to home and have your football program in the MAC or C-USA?
I realize it's not ideal, but until the ACC comes calling (which may never happen) I have to think being a member of a basketball-centric Big East for all non-football sports is better in terms of competition and travel while also remaining higher profile than it would be to leash yourselves to the likes of Tulane and ECU in all sports. If at some point you get that ACC invite, you take all your sports and go, but until that day comes, that conference just looks like a ton of bad piled on top of more bad.
EDIT: Further, wasn't the appeal of the future of Big East football largely based on the arrival of San Diego State and Boise State, both of whom have decent football programs? With the league likely to dissolve and the two best football programs (Rutgers and Louisville) gone, how much appeal is there for either of them to join up if the dissolution lets them out of that commitment? Will they be happy to be teams 11 and 12 in that list you had above? If not, that league has nothing of any real value, unless you count frequent flier miles.