That is a reasonable extrapolation if the Catholic league explored the route of western expansion. The benefit is that the main group of defectors can still mostly play each other, don't have to worry about RPI drags, and get extra money from the Western conference.
However, I think the conference will end up with either 12 or 16 teams. I think they would start with that basic group (with maybe one or two minor changes), and then look to potentially add two more teams. Those teams would have to make some type of sense though, and would be teams with high quality programs in fairly large (and unrepresented) media markets without the threat of football.
That conference, as laid out, is actually favorable to Wichita State, because they would be an intermediate between the west coast teams and the teams closer to the Midwest. The other reasonable schools for expansion:
Richmond (East)
Dayton (probably West)
VCU (East)
Memphis (East or West, but less likely because of FBS football)
UMass (another Eastern team with the football problem)
SMU (West, but Football)
Any of UNLV, Boise State, SDSU, and maybe Hawaii
Less likely, but probably a route that the Big 7 would try and explore, would be to entice super basketball schools with mediocre FBS football teams to join. They would recruit Duke very hard, but the chances of anything happening are slim as long as the ACC still lives.
Also, don't discount that they may try and keep some type of football. The strongest members of the Catholic 7 (notably Georgetown) would actually prefer it for the extra revenue, even if they don't play football themselves. The scenario in this case would be to add UNLV, New Mexico, SDSU, Hawaii, BYU, SMU, UConn, Cincinnati, and others as all-sports members, keeping a large portion of the current Big East intact while keeping the football revenue stream.