Shame was talking about national recognition, and you are referencing fan interest. They are not one and the same.
Also, it is important to note Football has 6 games to attend, most of which are nicely scheduled in the middle of the weekend. Basketball has about 3 times as many games, scheduled all over the board. The average football game also plays a big role into the grand scheme of things, while basketball has many games that you want to win but in the end are not overly important. Football, by nature, is a sport that is intensely followed...while basketball can be more casual in nature. Personally, although I am a bigger hoops fan, I probably make more of a point to goto/follow the football games overall.
We'll still have a football team, and a homecoming, and tailgating and all of that good stuff. In fact, we'll also be able to ensure that all of our home games take place on Saturday afternoon, the way God intended, because we wouldn't have to schedule our Tuesday night MAC games and such.
Let's assume, for a second, that OU did drop a division. The CAA is in the midst of a bit of an overhaul after the loss of Umass, and with the pending loss of URI. Rumor is that Maine and New Hampshire will likely leave as well. A conference of Delaware, James Madison, Old Dominion, Richmond, Villanova, Towson, and William & Mary makes a lot of sense for OU both athletically and academically. Being mentioned as a peer of schools like U of R and William & Mary would be a nothing but a good thing, and frankly, from an attendance standpoint, our student body isn't going to be more fired up for Eastern Michigan than they are for Delaware. It's a complete wash.
And a nationally televised home NCAA tournament game would draw just as well as a home game against Minnesota, or whichever mid level BCS team we can convince to come to Athens once every 8 years.