"If they do [form a Catholic league], they risk losing the conference label and then they risk losing the contact with Madison Square Garden for the tournament," the source said. "They don’t want to make a mistake by jumping out early and then not being able to get a pretty good TV deal, even though it’s going to be obviously much less on the basketball side.

"That’s why it’s a waiting game because they’re worried about if they did something collectively and tried to reform with others. It all goes around to the brand of the Big East and the Garden."