I see a scheduling alliance or merger as essentially the same thing.
It's only equal if the money is equal. Revenue for the member schools, conference related expenses such as travel and conference administrative costs, exposure, and bowls and bowl revenue are the same. Otherwise, they are not the same thing.
If done properly a merger between CUSA and the SunBelt could result in a very strong and competitive conference in football and basketball. It could put CUSA/SunBelt on equal or better footing than the AAC or MWC. But it will have to result in both more revenue and cost savings for all or most schools involved.
On another positive note, there would only be a need for one conference CEO this would be a good opportunity for Judy to find another job elsewhere or another job within the conference better suited to her abilities whatever they may be.