Their football is hanging by a thread. I think you're greatly underestimating the value of a B12 scheduling agreement for that program. Sure, they're a P6 in basketball, but the money is likely a bit better in the B12 anyway (especially after tourney credits). So UConn would basically get a slight payday to move to a more competitive basketball conference and massively improve their prospects as a FB independent. I don't see why UConn would turn that down just because they don't get full membership.

To top it off, UConn is a G5, so they're not going to qualify for the ESPN pro rata. I just cannot see a world where the B12, Fox, and ESPN all agree that UConn is additive in all sports. So the obvious conclusion is that they are not being seriously considered for all sports.