I can't find the article but I remember when Georgia State moved to the Sun Belt, the CAA commissioner at the time said something to the effect of "we were trying to come up with an FBS solution but they couldn't wait." I don't know if that meant establishing an FBS conference or working with an existing FBS conference to provide their FBS-ready programs a home while remaining in the CAA for everything else. But if anything was ever cooking, if it didn't die with Georgia State's move, it probably did with ODU's.

Realistically, you'd be looking at a core of ODU, GSU, UMass, JMU and maybe Delaware, wth Towson and Stony Brook possibilities. UConn was a member of the spiritual predecessor Yankee Conference but no way were they waiting 15 years for it to develop into an FBS league. I'm not sure in 2012 how attractive that would be to anyone looking for an FBS home. Would Liberty and the other Belt/CUSA callups from the South Atlantic (App State, Charlotte, Coastal Carolina, Georgia Southern) be interested? Hard to say.