Read an article in the Washington Post about a month ago which sort of detailed the history of the Big Least, talked about how it was originally a basketball conference that sort of accidentally became a quasi-big-time football conference. The original basketball members never were very happy with the changes.
But, the more interesting part of the article was an argument for separating out the revenue sports from the rest of athletic conference alignments. Basically argued that it would make a lot more sense for everyone if schools could join different conferences for different sports. One conference for football, another for basketball, and another one for the non-revenue sports. The D1 hockey schools already do this (DU and Air Force are good local examples, Boston College, UConn & the Big 10 Schools that play hockey are other examples*).
The example the article trotted out was West Virginia. It makes a lot of sense for the Mountaineers to play in a big football conference, and even in the Big we're bad at math Conference, but it doesn't make sense for, say, their women's soccer or volleyball teams to do so - those teams should be competing against Louisville, Kentucky, UVA, V-Tech, etc, and not having to travel all the way to Waco for a 1 hour mid-week game. What was not addressed was the trickle down revenue mismatch that would end up occurring in the non-revenue sports conferences - e.g. a school with a big time football affiliation would have more resources to compete in the non-revenue sports, and they would be playing against some schools without access to that same level of resources (imagine if CU played football in the P12 or even B12, but then fielded the rest of their teams in a conference with CSU, Wyoming, New Mexico, etc).
*Big 10 hockey schools are weird, they don't even all play in the same non B1G hockey conference: OSU, Michigan & Michigan State all play in the CCHA, whereas Minnesota & Wisconsin both play in the WCHA.