I have thought about this for the last couple of years or so and have come to the conclusion that I personally would prefer to join the ACC as opposed to any other conference or remaining independent. I do think there are many valid reasons to remain independent or join the Big Ten but here's my two cents.
1. We clearly haven't been able to achieve success (championships) as an independent in the last 2 decades. More importantly, the SEC is basically guaranteed a spot in the Nat'l Champ game every year. If a team from the Big 12 or Big Ten goes undefeated, they will almost assuredly get into the game ahead of an undefeated Notre Dame. Some would disagree but I think most years this would be true. A 1 loss ND team does not get in over an undefeated ACC or Pac-12 team either.
2. We have pretty much exhausted our recruiting pipelines in the Midwest. With Ohio State and Michigan recruiting well, it may be time for us to look more heavily towards the states covered by the ACC.
3. The ACC is more enticing to national prospects because they get to travel to warm-weather cities like Miami. There's little reason to think we can't keep playing USC, Michigan, and Navy every year too (although I think that schedule might be too difficult). Along with that, joining the Big Ten adds no value to the recruiting process because we don't expand any pipelines and offer prospects no additional value.
4. The ACC has some very good academic institutions. Duke, Wake Forest, UNC, Virginia, and BC are great schools. Comparable to the Big Ten if not better. We would fit in really well. TV won't be an issue... We might lose some money and personalized coverage overall, but I guarantee we will be on TV for every single game. I bet NBC Sports strikes a deal with the ACC the minute ND joins.
5. Obviously this is not what I want to happen. But the reality of the situation is that we tend to lose a game or two in the beginning of the year, every year. Joining a conference gives all of us something to look forward to if we do lose early. We can still win our conference and make a BCS/playoff if that goes down. If we don't lose, great...nothing changes.
6. With Big East basketball about to lose many of its members, the ACC presents an opportunity to retain many of our traditional rivalries and begin new ones with great basketball schools like Duke.
My ideal scenario would be an 8 game ACC schedule, Navy, cupcake, Michigan, USC.