For me, it would be a simple choice for everyone. Let's look at a league of ODU, MU, MTSU, WKU, UAB, La Tech, and Charlotte, with Buffalo being invited...

MEN'S BASKETBALL, last 10 seasons.
1336-984 (.576) LEAVE 7
1017-1109 (.478) REST OF C-USA - 1.0 Bids
1878-1728 (.521) REST OF MAC - 1.0 Bids

For context (And why people would be selling short the basketball component)
1548-1104 (.584) NEW EIGHT
1618-1225 (.569) AAC - 3.0 Bids
1759-1417 (.554) WCC - 1.8 bids
2509-2078 (.547) A10 - 3.7 Bids
1797-1521 (.542) MVC - 1.5 Bids

That's a league that's better, has more NCAA Tournament access, has more like-minded institutions. And every single member could be competitive within that league. Buffalo would have the second best MBB record in those last 10 years.

FOOTBALL
426- 396 (.518) LEAVE 7
483-457 (.514) NEW EIGHT
331-464 (.416) REST OF C-USA
641-731 (.467) REST OF MAC

Buffalo's performance 10 and 9 years ago hurts them a bit (7-16 total). They've been .526 in the last eight years.

Not to mention the exposure aspect of it. The MAC takes UB to Ohio, Michigan, Muncie and DeKalb. The new league would take them to seven states, including markets like Charlotte, Norfolk/Hampton Roads, Nashville/Murfreesboro, and Birmingham. It would extend their brand.

You can also include Liberty as an easy accept ninth member, and invite UMass (who might turn down All-Sports but accept FB Only).

This is why I think if a New League were doable legislatively, it should be done.