To me, this has to be viewed through two separate lenses: 1) financial; 2) relevance*.
Financially, this seems like a disaster for UConn--as was mentioned above, the AAC's revenue split across conference teams is miles beyond what the Big East gets. For a state school in a state that's in some financial disarray, which just invested heavily in its football facilities, this is puzzling. Even a trash heap football program at the bottom of its conference standings (e.g., UConn) gets the same slice of the pie as the top programs, excluding the bowl money.
Purely for basketball relevance, this seems like a win for UConn. But, that assumes it can get back to its past glory as a consistently competitive program, which has yet to be seen. I suspect Danny Hurley will get them there in reasonably short order, but that's no guarantee. Middle-of-the-pack in the Big East doesn't scream national relevance to me (although it does suggest more relevance than middle-of-the-pack in the AAC). I think it's clear what the impact on UConn's football relevance will be, now that they're joining a conference with literally no football competition.
Again, to me, this seems like a pursuit of basketball relevance at the sacrifice of financial gain and football existence (slight hyperbole, but not much).
*Men's basketball relevance