In two years the Big East will be the equivalent of the A-10, if it exists at all.
The conference cannot and will not be a destination for football programs from other conferences. Those programs will be absorbed into the four mega-conferences that are forming.
St. Johns, Providence, Seton Hall, and DePaul have nowhere to go, so they will remain.
If they are lucky, then Georgetown and Marquette will remain. I do think that's likely, because I don' t see the other conferences looking for basketball-only members. If they don't, then that's truly the end of the Big East.
If they are really lucky, then Villanova will stay also. If Villanova stays, if the other programs remain competitive in basketball, and if ND continues as an independent instead of joining the Big 10, they may hold on to ND also. That's really the best-case scenario for the continuation of the league.
Those 8 teams would have to add something like four other basketball schools to make a go of it. Fordham, URI, UMass, Dayton, perhaps Xavier, St Joe's would be the type of school that would fit.
One would assume that this conference would retain the Big East name if only because none of the other conferences would want to give up their own to steal that too.
Such a conference would be a 2 or 3 bid conference to the NCAA tournament, if it continues to exist. Otherwise it would be very competitive in whatever second-tier tournament supplements the mega-conference tournament. Maybe they will call theirs the NCAA tournament and we will be playing in the NIT, who knows.
The alternative scenario is that some schools with football programs get left without chairs when the music stops, and the "Big East" basketball schools partner up with second-tier football schools, which would require the conference to be somewhat larger, but really no better.
The bottom line is that this is going to devastate the remaining Big East schools both financially and competitively. It is certainly possible that one or more of the schools will continue to be national players in basketball (see Davidson, Butler, Gonzaga), but it will be as exceptions to the rule in a mediocre conference, rather than as mediocre schools in an exceptional conference.
What a shame for the Big East, and what a pity that this occurs just as SJU is trying valiantly to make a comeback.