I say the OVC/Big South for now until we get a feel for what the FCS football landscape looks like in the next 5-10 years.
That really doesn't change much expenditure wise. I put together this chart that has the MVFC, OVC and PFL budgets. Disregard Tennessee State because their administration are absolute morons and pay $200k to rent out Nissan Stadium for every home game. With them removed, the OVC league average budget is still $3.9m. I didn't toss in the Big South, but I'd imagine that may skew it back upwards towards the MVFC since Southern schools (typically) spend more on football.
I don't see the value in the OVC. You're currently in the SEC of FCS. So you drop down to the MAC/American of FCS only for $800k savings if you revert to their league average? You may not even have those savings because this data from from the last full reporting period before they got into the Big South agreement, which may carry higher logistical costs.
Football has always come down to one of three options:
1) Find enough donors to fund at the MVFC level. We simply do not have the donor base and those donors do not have the means or appetite to spend millions on FCS football. Nor do our fans want to spend what would be required to maintain this level.
2) Drop to non-scholarship football and divert those student fees to programs that have a better chance to succeed.
3) Drop football and completely eliminate the expense.
Since Option 3 isn't an option for a multitude of reasons, Option 2 is the only
realistic option Indiana State has. IMO, moving to the OVC is just another suboptimal decision in a sea of bad decisions our administration has made. Since the Pioneer has an automatic berth in the FCS playoffs, we would literally be better off funding at the top of that league which would divert $2.2m while keeping football. That is without even getting into the accounting voodoo where you find academic rides so your players are still scholarship athletes like the PFL schools are. Same way we've hidden baseball scholarships in the various academic programs like Networks Scholars, etc.