The Colonial has stated that if James Madison announces they are leaving for the Sun Belt they will not be allowed to participate in any conference championships this year, including men's and women's basketball.
The CAA did this to Richmond when they jumped into the A10, and that Richmond team that didn't get to play was actually pretty good. They also did it to Georgia State.
Strangely enough, they didn't do it to VCU. Either VCU announced they were leaving for the A10 after the season ended, or the CAA just decided that VCU was good enough to earn more than just the one unit from the NCAA Tournament, and wanted the extra money.