The MAC was ranked 16th in the Sagarin as of the end of play yesterday with a central mean of 70.92. Removing EMU (worst Sagarin in the MAC) and BG (4th-worst Sagarin in the MAC) would improve that to 72.57. That's good enough for 14th and within hailing distance of Horizon (11th at 74.87), Missouri Valley (12th at 74.13) and West Coast (13th at 73.73).
If you eliminated EMU, BG, Akron and CMU, the MAC central mean would be 72.85.
What you are basically saying though is even with the bottom 4 MAC programs removed the MAC is at best a marginal 2 bid conference. If you are looking to improve basketball I wouldn't start by cutting Akron one of the better MAC schools over the last decade and close to Quicken Loans arena. CMU is a MAC football power and is adding luxury lodges to its football stadium they would have to stay. BG has had a lot of success in MAC football and basketball over the years and it would be tough to justify letting them go. It would be nice to trade EMU for Illinios State and reduce the directional look of the league.
Since the NCAA Tourney expanded in 1975 to allow multiple teams from one conference, the MAC has earned two bids 6 times (1975, 1985, 1986, 1995, 1998, 1999). Based upon tourney seedings, the league may have earned a 2nd bid twice in the 2000's if Kent St. had lost the MAC Tourney. So, in the main, the MAC is a one bid conference. Why try to dilute the chances of that bid and the revenue it provides?
As for BG, they last appeared in the NCAA Tourney in 1968. They had a couple of nice years under Urban Meyer. I don't think another Urban Meyer is walking through that door anytime soon. This isn't the ACC where you can have two schools so close. People give a damn to a certain extent about Toledo, not BG.
You can argue about who to cut. You only need one out of Akron/Kent State. Kent St. has been historically bad in both sports but has had a good decade in hoops. Akron has definitely made a bigger investment. CMU helps in football but hurts in hoops. Same for NIU.
At the end of the day, I think it's too hard to be a high-performing mid-major conference with 12 teams. Too hard to get many of the pistons firing correctly. Especially when some of the pistons never fire (EMU and BG).