If this all goes down the way it's headed right now, this region is going to be a nuclear wasteland for at least a generation.
KC has been a great college sports town thanks to the proximity to 3/4 of the Big 12 and its central location. If Nebraska and Mizzou wind up in one BCS conference, KU in another, and K-State in a non-BCS league, it's going to be crappy. With two conferences to cover, any matchups between the teams are going to be OOC and just aren't going to matter as much...and there will be much bitterness between the various fan groups.
Kansas as a state is also going to be fracked. If you think you've seen a level of enmity between K-State and KU before this, then get ready for it to explode beyond anything you've ever seen if KU goes BCS and K-State doesn't, at least for the next 20 years. At it's best, it's going to be uncomfortable. At its worst, it's going to be the worst turmoil this state's seen since Bleeding Kansas. There will be political ramifications. There will be firings. There will be many, many workplaces that become staffed nearly or entirely exclusive to one school or the other, because the boss ain't gonna hire anybody that went to the other school.