(Bumped this up now that the link is active)
I don't always plug my weekly writing over at Fathead (you can find my old articles over to the right on the main page of Cardiac Hill, by the way), but this week, I took a look at the ACC situation. Because it's relevant to Pitt, I figured it was worth a mention here.
Some of the points have been mentioned here, but over there, I've tried to sum up my argument for why the ACC will be okay, despite all of the Florida State-Clemson/Big 12 stuff. Losing those two schools along with Miami would surely be a blow to the conference, but there's no guarantee any of that happens.
Here's the other thing Pitt fans should remember - the ACC is still a better situation than where the Big East is right now. If a day ever came when the ACC was irrelevant in terms of having the ability to play for a national championship, the Big East surely would be as well. Pitt will be making more money in the ACC and that conference still has stronger football programs. And even without those three aforementioned teams, the ACC is probably still stronger in football.
Be sure to take a look at it over at Fathead's blog.