No it is not a drop in the bucket. There is nothing guaranteeing that loads of almni would return because we play memphis instead of ECU. I personally believe that is a pipe dream. To me, what will make them come is winning and (local) rivals, no matter what conference.
Also unless we get this by donations if we are making about 1 to 1.5 million per year more in revenue (I don't know if that number is accurate but from what I see from TV contract etc it seems ballparkwise ok to me), then it takes us half a decade or more just to break even, while we are competing cash strapped against (slightly) better competition. And that is in the best case scenario, where the conference will stay stable; recent history tells us that this is not exceedingly probable.