I think it maybe matters less today, but I think it still matters. If nothing else, it matters to masses of alumni, many of whom are donors, what conference their alma mater is part of in terms of academic reputation. My wife's cousins are Southern Cal graduates and pretty looped in and back when the move to the B1G thing was happening, I asked them about the rumors about USC to the SEC if joining the B1G didn't work out and they said alumni would've lost their sh*t if USC joined the SEC.
Those mother ******* had OJ's Heisman on display
I don't want to hear **** from USC fan