Newsflash: the monetary gap between us and Iowa has never been close, yet we compete with them on a regular basis, and Okie State had nothing before T. Boone.
If we're on a level playing field with our conference, and that conference has BCS access, we're going to be competitive.
We pack the house for some of the worst teams on our schedule most years. Our worst attendance is often for Big 12 games. I don't think the casual ISU fan cares that we're playing Cinci, SMU, etc, so long as we're winning.
I could see some scenarios where we may actually do better from a fan standpoint if we are winning 55% to 60% of our conference games rather than 30%. We may not have a $35 million TV contract, but we could actually develop more of the casual fan if we are winning. The road to a BCS game would certainly be much easier.
On the other hand, I can see us losing 10,000 or so casual fans who attend games now who will just switch to the Hawks since the "second class citizen" or "little brother" argument will actually be true. I think we lost a LOT of these kinds of fans already during the 80s and 90s, so my sense it that it has been mostly our core fan base and very little 'bandwagon' fans in the stands in the past decade.
I wouldn't love being a part of the BigXII/BigEast survivors like I loved the old Big 8. It would be a pretty pale football league, that I fear the Super 4 conferences would try to strip of its AQ status as soon as they could. Truth be told, I haven't loved life in the BigXII with the ever shifting balance of power moving increasingly to the South and UT specifically as the victor and its egregious spoils.
However, I think that the basketball in such a conference would be pretty darn good and may be able to earn some decent money.