I don't know about all of the fees, and how a breakup would work, but I think if I am the basketball schools it is time to end this. I think all along everyone has thought the football schools would be the ones to end it. I think with the loss of Pitt and Syracuse, and huge instability on the football side, it is time for the basketball schools to breakoff.
They have 8 schools with ND (assuming ND stays, but even without they could be fine). They have like-minded (catholic/jesuit) schools in major markets (NY, Philly, DC, Chicago). They also have a core of big-time programs (GTown, Nova, St. Johns).
If I am them, I add Xavier and make it 9. They are jesuit, solid in hoops and add another major city. Then play a traditional, double round robin basketball schedule. They would have a solid conference in the traditional mold of a conference.
And really, what do they lose by breaking it off with the football schools? UConn is a regional rival, and obviously very good, but they are trying to get out themselves. Same with WVU and Lousivlle, but to a lesser degree as far as value (location, history and/or prestige). Other than that, Rutgers, South Florida or Cinci are not that big of a loss. Losing South Florida is a good thing from a basketball perspective.
The other really bad thing that could happen is they take on some of these football targets as full members. The basketball schools shouldn't want anything to do with UCF, ECU, SMU, Houston, Boise State. Even though Memphis is good, they don't fit the profile either. Nova already has Philly regarding Nova.
Plus, worst case, they take on these schools and then some combination of UConn, Louisville or West Virginia leaves, then they have nothing but garbage football schools. I think it is time for them to 'proactive'.