You guys aren't even looking at my point. It already is a one bid league most years. Wichita State leaving opens the door for other teams to compete for the NCAA tournament. That's why it is more appealing to coach in a MVC without Wichita State. It hurts the overall view of the conference nationally but it is still going to be one of the better mid major conferences.
As it is with Wichita State I don't know that you can really rebuild a teams. UNI and a couple others can compete for second and go on a run to make the tournament but no one can dethrone Wichita State.
The loss of Wichita State doesn't outweigh the benefit of opening up the conference to other teams. At least for teams like Drake. If I was UNI I wouldn't be happy about them leaving.
It will become easier for other teams to win the MVC without WSU, but it really hurts the conference overall. A conference that isn't doing great economically as it is. You still have to have some conference money coming in to keep paying coaches like Jacobson to stick around.
Water it down even more now and even the winner of the conference tourney will be lucky to get better than a 13 seed in the tourney, even with a great year.