According to Dick Weiss in the New York Post, the Big East "basketball-only" schools have scheduled a teleconference call for today to discuss the future of the Big East and what it will mean for them. Clearly, Big East expansion has been driven by the "football schools" and schools such as Villanova, Georgetown and St. John's keep pulling the short stick.
After Pittsburgh and Syracuse left for the ACC, and West Virginia (SEC), Connecticut (ACC) and TCU (absolutely rethinking their decision) are now prime targets, these schools need to get together and decide what is next. The most popular option seems to be seceding from what's left of the Big East and forming their own basketball-only conference while attempting to add schools such as Xavier and Dayton.
With Oklahoma and Oklahoma State perhaps announcing a move to the Pac-12 as early as today, Texas appears to be the next heavyweight that will make their decision. It's no secret that the ACC covets them as well as Notre Dame, but I think it's unlikely that either (especially ND) end up there. The ACC will want Notre Dame football, and ND would be right to pass that deal up. They'd lose too much money.
Texas makes the most geographic sense out west, as well as the fact that they would be able to retain their rivalry with their former Big 12 foes, such as Oklahoma. And I wouldn't think the ACC would be too crazy about The Longhorn Network, though it obviously isn't a dealbreaker. It'd be a nice bullet for them to dodge though.
Weiss' article mentions Rutgers as a possibility to the ACC along with UConn, but I don't buy that. For one, Rutgers' football and basketball are both mediocre. There is no athletic sell there. For those thinking they have the ACC market, well, Syracuse took care of that. As an NYC resident I can without a doubt say that 'Cuse fans outnumber Rutgers fan in droves. It's not even close.
IF Rutgers were to go to the ACC, that'd end just about any chance that 'Nova finds themselves there in the future. We already know we have no love in Jersey after the Big East football debacle.
As for Villanova, the target is still the ACC. But they still have to be on this call because the ACC is still an unlikely option at this point, and they can't afford to lose the only other option they have by turning their backs on their colleagues.