The CIC the B1G's academic division has changed its name to the B1G Academic Alliance in order to easily convey its mission and increase its visibility. Its membership constitutes the B1G members and formerly the University of Chicago... and is a national powerhouse when it comes to reseach. For Example:
B1G Academic Alliance: $10 billion in reseach dollars spent annually *
University of California system: $5 billion
Ivy League Schools: $4.3 billion
* This does not even include John Hopkins University (#1 nationally in R&D expenditures). They have an invite and are still on the sidelines deciding whether to join or not.
(FYI: Michigan is #2 (GO BLUE!)
The B1G (including John Hopkins) has 13 institutions in the top 50 and 3 in the top 5.
Edit: Credit to CarrIsMyHomeboy below for pointing out that the CIC and BIG Academic Alliance may have different involvement from/with the University of Chicago.