With recent reports, I think it is fair to say that the conference's days are probably numbered. That isn't to say it will immediately disappear, but in 5-10 years the conference could be practically emptied.
I think Creighton will eventually go to the Big East, but may not be in the first expansion (I think Butler, Xavier, and Saint Louis will join first, and then we'll see a second round of expansion after a media deal is signed).
Illinois State and UNI may be the next to leave. Illinois State goes to the MAC, and UNI either follows them or goes to C-USA. This would probably be announced a year after Creighton is expected to leave for the new Big East.
Wichita State would be absolutely desperate to leave then, and would be lobbying the MWC and A-10 incredibly hard. They go as an all-sports member to the MWC if Gonzaga does not fill that role (they have 9 all-sports members and 10 football schools counting Hawaii, which is football only). However, they would first try and get into the new Big East, but only have a 5% chance of getting in, if that.
The question is what happens to the rest of the conference. I think indiana State will try to get into the MAC, and those Evansville to the Horizon League rumors may get stronger, but ultimately I think what happens is that the MVC survives by stealing teams from other conferences. You'd have Drake, Bradley, MSU, Evansville, SIU, and maybe Indiana State. Then, those schools would start by getting teams like SIU-E, the Dakotas, and similar schools, eventually ending up with a 9-10 team league.