Very interesting look into the Big East meetings that took place after the first ACC raid of the Big East in 2003.
They discuss conference models for between 8 and 16 teams, and which teams to add. After the July meeting, Mike Tranghese approached ND, SU Chancellor Ken Shaw approached Penn State about joining the Big East.
These meetings took place after Miami and VT left, note that Boston College had not left the BE yet.
It was the SU Chancellor that proposed the $5M exit fee and 27-month notice to leave that SU and Pitt are trying to get out of.
The best line though is "We as a group genuinely believe that the break-up of the Big East Conference is inevitable -- and probably the best overall scenario for all parties concerned" and then goes on to discuss the football and basketball-only schools breaking up.