Geographically this kinda makes sense, more sense than TCU in the Big East. The problem I see with this conference is that they have little to no leverage to stay a part of the BCS. When the BCS originally formed the Big East had Miami as well as Virginia Tech. If this conference forms with those teams where is the leverage? What program stands out as a legit program? What program screams big time college football can't do without? The teams look a lot like the Mountain West a few years ago with TCU, Utah, and BYU were all nationally relevant.
A big winner of all this may be Xavier. I could see the Big East basketball splitting off and poaching Xavier and maybe Dayton from the A10.