For one thing, Michigan would be right behind them, and then Penn St and so on.
At which point, new research alliances would form. Likely with most of the same schools, regardless of what conference football is in, plus some new heavyweights like UT.
Maybe. Maybe not.
I can guarantee you that when the academic types catch wind of this move and they learn that there is a possibility that they might lose funding, the state government will get involved. There is no way that a move that could impact millions if not billions of dollars over the long term at a publicly funded insinuation will proceed without the state politicians making inquires and running interference. State governments have gotten involved in many previous conference realignment moves, it would happen again in this scenario.
Unfortunately, we all know that when the politicians are involved, the decision could become politicized.