Well, let's see, this is supposed to combat the growing strength of the SEC.
I can foresee multiple problems with this "alliance."
IF it's becoming ONE league, there are way too many teams here. WAAYYY too many teams.
In football, certain bowl games have ties to certain conferences. Imagine Texas Tech playing in the Rose Bowl in a non-BCS title game. Imagine Northwestern playing in the Cotton Bowl.
IF they are crowning ONE champ from this alliance, imagine the issues. That's a whole bunch of teams that suddenly just got relegated to the "also ran" zone.
Even IF they get 10 bids to the NCAA tournament, imagine the chaos. These 3 conference usually get 20 bids or so. Will this new conference expect to get 20 bids? Not likely. Once again, you go from being likely in the tournament in your normal 12-team conference to being on the outside looking in with this "alliance." Why? Because suddenly your 19-20 win normal schedule just added teams from 2 other major conferences and just became maybe 15 wins. You could go from being the #5 or #6 team in your 12-team conference (and pretty much a sure thing for the DANCE) to being #19 or #20 in this 41-team "alliance."
I'll just say this- I know this is really all about the money, let's be honest. Getting big checks is nice for these programs and these schools, but if I'm a fan of a good but not great school (in football and basketball) who is used to seeing my team make the postseason most of the time and having a chance to make some noise and now suddenly we're part of this alliance and my team will struggle to see the postseason because of all the increased competition, I'm not liking it at all. We might be making more money, but what does this do to my team's competitiveness?