Is there any chance that Evansville would move over to the Horizon as was rumored last fall? If Evansville views the Horizon League footprint as a better student recruiting area, that may be reason enough. If Evansville would jump over, that could open up the MVC for Valpo, as the MVC privates would again want to add another private school, forcing the MVC publics to accept Valpo rather than UIC (although Denver might be possible too).
Did my own analysis using some of the metro area population / travel / academics issues listed above (and negatives for football, lack of baseball, and airplane travel) and came up with the following preferences for the Horizon League:
1. Evansville (assuming they have interest)
2. Oakland
3. Belmont
large gap
4. N Kentucky (although they wouldn't help in baseball until fully DI)
5. Robert Morris (again don't help in baseball)
6. SIU-E
7. Bellarmine (even though they aren't DI yet, they grade out very highly on qualities desired by the Horizon)
Anyone west of the Mississippi doesn't have a chance due to travel issues. A school with football needs to be non-scholarship, otherwise the pressure to upgrade in FCS is a high risk.