FWIW, Atlantic 10 basketball teams Richmond, URI, and UMass already play football in the Colonial Athletic league.
Since the Big 12 is losing Nebraska and Colorado, why don’t they add Boise State and TCU? Are Texas and Oklahoma afraid?
Big XII stumbled into a truth when all the remaining teams realized that they are getting a raise because two teams left. Of course, the danger comes when the new TV contract has to be negotiated without Nebraska and Colorado. However, based on preliminary discussions on the new TV contract (and the Big XII lagged behind others this past summer because their TV contract was the oldest), the remaining teams are expecting another substantial raise.
The Big XII learned that it had expanded beyond its optimal size. I think that the Pac-10 will realize this in a few years. I'm not so sure about the Big Ten since they were able to land a premier program (although not the one they really, really wanted).
Concerning the financial bonanza of a conference championship game, notice the Big XII with its long history of a conference championship game is making no move to try and restore it.
Frankly, had the Big XII desolved, I was hoping that the remaining northern teams (Missouri, Iowa State, Kansas, and Kansas State) would have migrated as a group to the Big East. Maybe adding Baylor and TCU to form an entry group of six.
With your setup, Notre Dame should be in the Basketball only division, since they don’t play football in the Big East.
Villanova does play football, but they play in the I-AA (FCS) Division. Same with Georgetown. They could move the football programs up to the BCS division of Division and Play in the Big East.
I think, eventually, Notre Dame will end up in the BT, although I really don't see a fit from an institutional point of view.
Two points: The Big East has already initiated talks with Villanova to have them become a football member.
Villanova said “OK, but not if you bring Temple in.”