The MWC holding out hope for a "big fish" to join may not be wise.
It's not like all 12 of its current members are tearing it up on the field.
Outside of Boise State, only San Diego State and Fresno State have managed to produce solid seasons on a regular basis.
If UTEP puts a good product on the football field, then I would definitely see that being more advantageous to the conference than what a school like, say, Wyoming, brings to the table.
IMO, the MWC might want to revisit the UTEP/New Mexico State idea. Locking up the El Paso region may be their best bet for the time-being, given the most recent developments with the AAC.
Of the current member cities, only San Diego and San Jose are larger than El Paso.
To put things in perspective - El Paso has a bigger population than the entire state of Wyoming.
The added bonus is that UTEP is pretty much the only game in town - where SDSU and SJSU have to share their regions with other brand name schools (the 4 California Pac-12 Schools).
And even if you go by the metro population - UTEP holds its own against every school outside of the San Diego, San Jose, and Las Vegas areas.
New Mexico State would be an ideal partner school to add with UTEP, given its proximity to El Paso (40 miles), along with its natural rivalries with UTEP and New Mexico.
Geographically, it makes the most sense - and you place yourself in a solid market.
May not be a perfect grab, but they could definitely do a lot worse.