The Big East, this season, will (probably) have the POY in McDermott. They also have not one, but two, potential final four teams in the tournament in Creighton and Villanova. Their ratings, next week, for the Big East tournament will also be (probably) very high.
Fox's problem, IMO, isn't that the Big East didn't "live up to expectations". It's trying to fill up the space where Big East basketball (or PAC-12) isn't being showcased. With the MLB games this summer, the Big XII and PAC-12 football games in the Fall, and the Big East games in the Winter, they are definitely headed in the right direction.
Fox is in the process of brand-building. The Big East is in the process of re-branding.
I will wager with you that the ratings next week will not be high, let alone very high.