Beginning of the end of the Big East, especially if Villanova doesn't move up from FCS. Even if Nova moves up, I still think the football schools will break away and form a separate conference at some point though it would probably be delayed a few years. If Nova says no (and they have until the end of the year), then the football schools will add someone else as a full member if not 3 more (Central Florida, Houston, and Memphis are most likely and are in order of preferance) and more then likely form their own conference.
I would think the remaining 8 non-football schools would then look to add 2 additional schools to get back to 10. I would think Xavier would be at the top of the list with Butler, UMass, Dayton, and Temple all in the mix as well.