For basketball purposes, Houston, SMU, and UCF are poor replacements for Pitt, Syracuse, and West Virginia, but you and I know that's not what this is about. Boise State and San Diego State are set to come aboard for football only. The Aztecs are likely to join the Big West in other sports, which refreshingly makes geographic sense, even if such a move is a competitive step down. There's no word yet on where the Broncos would park their other sports.
Air Force is also a possible addition, though they have the same conference issue as Boise. Navy, which has no such issues thanks to its place in the Patriot League, could also join. More info and analysis when things become official, as there are sure to be more dominoes falling.
Be sure to check out Mountain West Connection's take on this too.