Big East tried to work a deal to keep Boise State on board, but was "unwilling" to give the Broncos the deal that kept them in the Mountain West.
Boise State will remain a member of the Mountain West Conference and will not join the Big East in 2013.
When Syracuse announced last year it was leaving the Big East for the ACC, former Big East commissioner Mike Tranghese said it "ripped out the heart" of the league's seven Catholic basketball schools.
The seven Big East schools that don't play FBS football have decided to leave the conference and pursue a new basketball framework.
The seven Catholic schools in the Big East have agreed to leave the conference, but Georgetown is not on board with the process of departure, according to a source with knowledge of the situation.
The Big East is set to add Boise State, San Diego State, SMU, UCF and Houston as it begins to rebuild its league, with an announcement expected as early as Wednesday, sources confirmed to ESPN.com.