Of course, the vast majority of those dollars are/will be funneled directly back into football, especially at schools where they will always struggle to keep up with the elite programs. The Big East receives a fraction of what the Big Ten schools will get, for example, but they can also then pour that all into basketball, which costs much, much less to operate successfully. So really, the Big East schools won't be operating from that much of a disadvantage from their P5 basketball counterparts.
Also, there will continue to be those kids who simply prefer to play at schools where their sport is the top sport, and the Big East gives the that context. For every kid who is seduced by a great football weekend (and I can understand why that would be influential to a kid - I would've eaten it up myself), there is another who loves the idea of playing in the pro arenas where their NBA idols ply their trade, and knowing that their sport is the center of the sports world at their school.
With each new year, the memories of the all-powerful, latter day old Big East means less and less to recruits, but as long as teams can continue to perform well and remain relevant (and winning a national championship is a pretty good way to do it), the Big East brand will remain strong. So with all that dedicated TV revenue, and the talent continuing to flow to those ten campuses (per any recruiting rankings, it certainly is), you are indeed seeing national selection at work. There isn't any reason for the league to simply fade away, even over time. Only the purposeful exclusion of non P5 conferences from the NCAA tournament would accomplish that, and I think the cooler, wiser heads would understand they'd be losing the very heart of what makes March Madness such a cultural touchstone, so I don't worry too much about that.
