I said yesterday that I thought ISU would be fine no matter what. I'm rethinking that, and I'm starting to think that Iowa should be worried as well. Conferences don't mean **** if the top 20 schools leave and do their own thing.
If the blue bloods make their own league, secede from NCAA with 30ish schools, the remaining 40 (plus the G5s at that point) would become the new face of the NCAA. It would be like the NIT vs the NCAA tournament in bball, but it would still be viable. You'd have less money but more parity. Hell it might be more like what college athletics is theoretically supposed to be (ie student athletes).
The problem would be the big league poaching coaches and players both. It would be hard to sustain anything, you'd feel like a AAA baseball team - anytime someone is good they get pulled up to the majors...