Maybe this has been mentioned, but maybe not - I see a lot of people considering academics in this discussion. I realize that these are all schools, and that academics should (and usually do) play the largest role in all activities associated with that school, but does anyone really care what the academic-status is of any of the other schools in a certain conference? Sure - it's nice to have bragging rights about your team's conference's academics, but I'd rather have the quality sports. If I said, "My team beat your team in football," and the other guy said, "Oh yeah? Well... our academics are better!" I'd decide that person doesn't have anything to say.
So I guess my questions is "What am I missing?"