I think the Big East's biggest mistake was the mish-mash of members, what with the "football-only" members, "non-football" members, "full members," and so on, varying wildly all the time. It was a recipe for instability all along. I don't necessarily fault them for trying to make a go of it in football, but after Miami, BC, and VPI left, the handwriting was on the wall. The split coming this summer is what probably should have happened once Syracuse, Pittsburgh, and WVU announced they were leaving—had the league retrenched as a basketball-centered conference then, it might have held together better. Instead, they've made themselves look utterly desperate with some of the "football-only" members they added (several of whom later reneged—TCU, Boise State, and San Diego State). Of course, I suppose the reason they look that way is because they are utterly desperate.
JCA, to answer your question, Connecticut will (at least initially) be part of the new all-sports conference to come from the ashes of the Big East (that is, the conference being formed by the schools that are not seceding and taking the "Big East" name with them). Membership for 2013–14 is to be as follows:
Connecticut
Rutgers (departs for Big Ten in 2014)
Temple
Cincinnati
Louisville (departure for ACC expected to be in 2014)
Memphis
SMU
Houston
South Florida
Central Florida
ECU (football-only) and Tulane (all sports) are scheduled to join in 2014 and Navy (football-only) is expected to join in 2015.