Yes, the conferences each "own" the schools, and the money they get from the BCS gets split. That's a really simplistic way to explain the football side of the deal, but that's essentially how the conferences are divided. Bowl games also bring in money to the schools, which is why everyone thinks the BCS bogus. College football history is being made right now, and we may see a setup for a playoff system in college football... or we may see some money being thrown around with a crappier version of the BCS.
FWIW, the last time teams left/expanded the ACC stole a couple great programs from the Big East, and other conferences scooped up nonconference teams. As it stands now, most conferences would potentially benefit if the remaining Big 12, C-USA, and MW teams moved to ACC, SEC, and Big East conferences. I'm a Rutgers grad, so I'd love for Rutgers to squeak into the Big10 as it is now with the other conferences staying put; or for the Big12 orphans, some C-USA, and MW teams to join the Big East and Rutgers stay put. Can we say basketball powerhouse in the Big East, and a seriously legit football conference? Win-win!