If I were to take a look at the last decade of football I would say that Syracuse and Louisville have been more on the level of UNC and NCState in football than Duke and Wake. Syracuse was the number 2 eastern power behind Penn State for many years. Louisville for all their recent shortfalls on the football field opened an expanded to 55,000 Papa John's stadium this year. Ohio is playing a money game at this expanded stadium in a couple of seasons. In the 90's the Big East was like the Mountain West with Miami, VT, and usually Syracuse in the top 3 but many schools struggling to put 25,000 in the stands. They only had 3 or 4 bowl tie-ins the fact that the conference even was accepted into the BCS was highly questioned but justified with Miami Fl and its relationship to the Orange Bowl BCS game. Programs like Rutgers and Temple were never in major conferences before and they couldn't put 15,000 in the house. BCS status began to help recruiting and suddenly the middle part of the football conference became a lot better around 2001-2002 with Pitt, WVU, Boston College stepping up and becoming regular 8 win teams. Miami, VT, BC leave in 2004-05 but the Big East also cuts Temple which helps Rutgers take off and they've become in their own right 50,000 a game draw. UConn comes into the Big East off the bat as a 40,000 draw. When you are considering defining a conference as a major player it doesn't hurt that Pitt, Syracuse, UConn and Louisville are at the very top of the basketball world. Compare them overall in football and basketball to say Oregon State, Mississippi, Texas Tech, Kansas State and I would say the Big East schools have better brands. Cincinnati is the weakest football draw in the BE at 35,000 right now but they've got national basketball titles. I would put their total brand value over a Wake Forest or Miss St. Adding Cincinnati and Louisville to the Big East over East Carolina was a good move brand wise for the conference and that is the strategy. Its a conference with 8 mid level BCS football programs but with very top level basketball.
There lies the problem. When Miami, VT, and Boston College bolted for the ACC, the Big East pretty much was sent to the back of the line. Miami won their BCS title while in the Big East in 2001. VT got to the title game only to lose in 1999. Since, the conference really hasn't done much. Sure, Cincy went undefeated two years in a row only to get beat twice.
I think they need to get Boston College back IMO. They dont really belong in the ACC anyways. At least it will bring back another decent football school you can hang your hat on.