Essentially Yes...the BE couldn't afford to do that (some of the other conferences could afford to do it) at the time. So many ways the BE went wrong, sigh...starting all the way back to the early 80s.
Personally I think if Nova was able to make the big time football scene quality wise the BE could have been very good. Perception and how big is your stadium phallic system college football has going for it would make it a poor move. A lot of poor moves yes but visionary ones as well and failing to meet the status quo with out of the box thinking just didn't bide well with the old guard mindset. The Big 10 adds Hopkins and no one says a word.