While there will obviously be indirect fallout from conference realignment (in terms of a total shakeup of the college sports landscape, potential collapse of the Big 12 as we know it, beginning of formation of superconferences), I'd be pretty surprised if UB was a major player in any move.
A jump to the AAC - as the AAC is currently constructed - would absolutely be a step-up for UB, and something the administrators should consider if given the opportunity. That said, I wonder what the AAC will look like after this shakes out. The real athletic "meat" of the conference - teams like Houston, Cincinnati, Memphis, UCF, SMU - are all prime candidates for Big 12 expansion if the Big 12 tries to survive. The AAC minus those schools in some combination looks vastly different. No offense to schools like East Carolina, Tulane, Tulsa - but that's a much different conference than the AAC as we know it.
While I can see some logic in the C-USA - honestly, I'm not convinced it's better than the MAC. Ever since it was raided by the American, it's not the same conference. It's a 1-bid basketball conference that's on par with the MAC. C-USA football is better, but not by much, and that's only because the MAC is the worst FBS conference. The MAC is 10th in terms of FBS conferences, but right now C-USA is 9th. I don't really think C-USA is an upgrade at this point. It was back in the day when Marshall jumped, but I'm not sure it is at this point.