Why pay the extra costs we're currently paying (relative to FCS teams) to compete in a second tier tournament? Why not save money on football, reallocate that to basketball, and drop a level into an established division?
The biggest problem with that theory is that the FCS schools tend to lose more on football than the G5 schools, which is why you seen more and more schools trying to move up to G5 from FCS (JMU, Georgia State, W. Ky, App St, UTSA, etc). Thus, moving in the opposite direction, you'd increase the losses, and decrease the exposure, so I'm not sure the point, unless you dropped even further than FCS. I think money could be saved if you drop all the way to Division II or Division III, as you can eliminate the scholarship expenses, and dramatically pare down the other expenses. Even then it would take some analysis to see if you'd be better off as the fixed costs would still be there for the facilities that already exist.