I think this is likely, unless the blue bloods decide they need some cannon fodder to inflate their records. Then you would see something bigger, like maybe four 10 team divisions.
I could learn live with this from an ISU standpoint. Yes, the money would plummet, and that would be terrible. But there would be enough respectable teams left it wouldn't be the AAC. You would have to re-rationalize geography for everyone to reduce travel costs. Return of the Big8 pretty much.
You would just be in triple A ball, and have to deal with it. And the money differential might not be as much as the B1G and the AAC today either - closer to half than a quarter. ESPN will own ALL the rights to the blue bloods conference, so CBS, Fox, streamers(?) would probably bid up the triple A conference somewhere between what the Pac12 and AAC get now.
side note- not sure if Ark, Wisc, SCar, Kent belong in this group. If they do, then 20 more teams do.