I think it would still be better long term then Indy but the negative perception would be horrible. The only possible advantage to the MWC is the ability to dictate our terms (keep our ESPN contract, perhaps more OOC games, etc).
I believe that an AAC schedule can be just as good if not better than our Indy schedules with the opportunity to compete for conference titles, conference rivalries, NY6 possibilities, etc.
I believe that with an AAC schedule BYU will be able to schedule 2-3 P5 games a year and will play several other high quality teams as well (UCF, Houston, USF, Memphis, Boise, Navy, etc). They may not be P5 name schools, but all have shown that they can compete on the national stage.
I have little interest in participating in a bunch of body bag games for LSU or Michigan or Wisconsin so we can talk about the great teams we played or historic venues we visited. I'd much rather play a couple of these games a year and get back to rebuilding the program and finding a way to compete again.