Yes, it is an extremely good time to panic. USF's problem isn't that Pittsburgh and Syracuse are leaving the Big East. Any superconference scenario assumed they would be some of the first ones to go. The problem is that they aren't going to the Big 10. And that really puts our dear old alma mater up a creek.
John Swofford really should get some kind of mad dickishness award, especially if UConn and Rutgers end up in the ACC as well. Not only does that completely strand at least a half-dozen programs and cut off the Big 10 from making any useful moves, but it doesn't even make football sense. Personally I have never subscribed to the notion of there being a viable college football market in New York, or Boston, or Philadelphia, or anywhere in the northeast corridor.
Unless the SEC decides to pick off ACC schools in its own drive for 16 teams, or the UConn/Rutgers rumors are way off, then USF is screwed. No other conference would take them in, either because of a lack of prestige or a distance issue. They and whoever else is left from the Big East have to go west and meet up with whatever is left of the Big 12, because they have a TV contract and the Big East doesn't. You'd like for Texas and Texas Tech to still be part of that league (at least I would, being in driving range of Austin and Lubbock), but if they're gone too, then this would be a pretty mediocre football league that would have a hard time justifying an ongoing seat at the BCS table. With a total boob of a commissioner running the show.
Although come to think of it, that's not much different than where USF is right now.
P.S. The four teams that might leave the Big East for the ACC are the four Big East teams the Bulls have to play on the road this season. We wouldn't even get a chance to heckle them and throw things at them. Actually, no... don't throw things. That's a bad idea. Strike that one. I'm just lashing out. Sorry everyone.