Independence would be a death sentence in regards to fan engagement. We have at most 2 options...
Option 1
A depleted MWC if Boise, BYU, AFA go to the AAC. If we made the move with SDSU and Montana, it would be doable. That would basically give us 3 annual regional games once you include Wyoming. This would be a football first move and would require significant investment in a new football facility and football budget. Basketball would be at Wyoming level and we would never sniff a tournament birth again.
Option 2
Convince UNI, SDSU, and ISUr to join the MAC with us. Although it is not as sexy as option 1, it puts us in a conference that creates more exposure in our prime recruiting area. (The cities, Wisconsin, Iowa, Illinois etc). UNI and ISUr would be cool with SDSU since they are a fellow basketball school but would likely need a commitment from us that we will increase our basketball budget. Long term success would require a new basketball arena. The positive is that a 20,000 seat Fargodome fits right into the MAC wheelhouse in terms of football facilities. Olympic sports including basketball would thrive here.
Option 2b
Probably the best case scenario in terms of security and long term health... go to MVC with SDSU. Olympics would thrive and football can be maintained with the current level of funding percentages. The negative is that it's a brutally tough basketball conference and we could go decades between the NCAA tournament despite having very good teams. (See MoState, Evansville, ISUr, ISUb, Drake, etc as examples of this. We would have to get a new arena done ASAP, quadruple our basketball budget and expect to pay the head coach 1 Mill + annually in order to compete.
Of those three, despite it's significant flaws and significant higher cost, the only one I can see the Alumni supporting with $$$ long term is the move to the MWC. We would be in a conference where football is priority # 1, 2, and 3 and we would be in a conference with peer type schools that would significantly raise our national profile. (Colorado State, Wyoming, Utah State, New Mexico, South Dakota State, Montana, Nevada, etc.) Besides, doesn't Roads deserve a trip to Vegas and Hawaii on occasion instead of Terra Haute and Macomb?