This gets brought up a lot (the WCC), it will never happen. WCC are ALL provate faith based schools. Every last one of them. There was a reason that SDSU was all ready to join the Big West when they were going to join the Big East for football. The WCC wouldn't take them. If they wouldn't make an exception for SDSU, they sure won't do it for UNLV.
Also do you think UNLV will be the only school left out? No way. There will be a bunch of current FBS schools in the same situation. I would think they would re organize and create a new division. Hell probably the entire MWC. Still a huge step down, but it would not be the equivalent to the current FCS.
Dropping football would still hurt. It would have to get pretty bad for that to happen. And it still just might.
Also getting creamed in the Big Sky? Really?