I've been giving this some thought because some WSU fans are critical of the Valley because of the number of schools who were recent D1 schools when they joined the league. I was (maybe still am) one of them. MSU fans were ecstatic when they thought they had a chance to go to CUSA.
I'm backtracking now. Conference realignment has caused me to take a look at some various situations and possibilities. My conclusion is that the Valley is easily the best option for WSU.
The "new to D1" schools have done a great job of representing the Valley and every one of them has had successful seasons that brought positive recognition to the Valley. That is rare for "new to D1" schools. The old timers in the league should recognize the accomplishments - and the difficulty of achieving those accomplishments - that the newer members have achieved.
Of all the conferences that are not BCS AQ's, the Valley is consistently among the top of those in basketball. That means the Valley, as a whole, is out-recruiting, outcoaching, and outplaying a lot of schools with better name recognition because of their football programs.
Some imaginary elite league based on basketball is conceivable. It wouldn't be that much better than the Valley, the travel would be brutal, and it would be nearly impossible to get those schools to agree to anything resembling a conference.
My thought for the future of the Valley is that it's in great shape and doing nothing right now is a good reaction. The Valley is in better shape than the BEast or the A10 - and those are the conferences with a lot of basketball-only schools.