If it leads to a restructuring of the conference, it might be the best thing to ever happen. The loss of Auburn doesn't kill this conference, but it could very well strengthen it.
If the SEC starts talking conference restructuring, though, you can bet every other conference will do the same.
If Auburn leaves the SEC, and we have to go shopping... it could lead to conference arms races and super conference discussions all over again.
New television contracts, new fan bases, new schedules, etc.
I think there could be a large upside, and I just don't see the down side to Auburn being kicked out. Of course, I am biased against Auburn, so I might be blinded by it.
A black eye on the conference? We already have one. We may be respected as a conference, but that doesn't mean we are well liked. All other conferences hate the SEC chant in bowl games. They can't possibly see how anyone could pull for an entire conference.
We have solidarity, for the most part. Loss of Auburn doesn't upset that solidarity.