phork
Raining On Your Parade
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One valid reason would be that everyone else of import is in a conference. As to the Big 10 & Big East, they are arguable, but not my preference. The Big East just went through a major overall and is still a young conference. The Big 10 plays boring football and don't have a conference championship game. In my mind, the ACC would be ideal and all the other sports could follow.
Err the Big10 is dying to get ND in so they can have a conference championship... They want a 12th team to sign up and ND is the perfect fit. There just is not any ties to the ACC so the Big10 and BigEast, in that order, make more sense. Aside from that most ND sports is BigEast affiliated anyways, and the BigEast really needs a big time name in the football conference.
Frankly ND has the bargaining power to go where they want, if they went that route. I imagine that they would work out an agreement whereby ND keeps its exclusive NBC contract, and why not? It provides a dedicated TV channel outside the normal ABC/ESPN/CBS affiliations held by the BCS conferences. Bowl money would be a big stumbling block however.