Pretty much.
Adios to Cincinnati too, at least as a big-time sports player, if this comes to pass. They'll have to hook back on with C-USA or possibly the MAC if this huge shuffle comes to pass.
Mike Thomas needs to be out, right now, working on an exit strategy for UC if all this comes to pass. If they can't buy their way into another conference, they need to at least consider forming up with some other teams (who might not necessarily be geographic "fits") to see if they can't create a better option for themselves.