The MWC-AAC merger would have too many mouths to feed to be worthwhile. The AAC is the superior conference. Easily. The middle of the pack and even lower teams have better programs than the MWC.
The MWC is Boise and the 11 dwarves.
The AAC has about 6 or 7 programs that can all compete for the conference championship and good TV ratings. Cincinnati, Houston, Navy, ECU, now Memphis, Temple - even UCF. Most of the other programs like USF, UConn, Tulsa, and even SMU have potential. Tulane is the only outsider - and they have a brand-new stadium in great football territory - so they have potential if the school puts a focus on football.
So, the long term strategy will be an AAC westward expansion. There are rumors that the AAC is wanting Air Force again (which, IMO is a perfect branding play for the AMERICAN conference). SDSU, UNLV, and New Mexico actually have the biggest AD budgets in the MWC, followed by CSU and Boise.