In short...No...They won't regret it. It was a move made specifically for football, and this past season proved that move has already worked out. The ACC is not a powerful football conference, and UofL will be able to compete with the likes of Clemson, Georgia Tech, and Virginia Tech year in and year out. Florida State is obviously the cream of the crop, but the second best team in that conference is up for grabs.
That being said....UofL's struggles early in conference play are not because they're playing a tougher schedule than they normally would. They are, to be sure, but the real fact is...They're just not that good. Why anyone would expect a team to improve after losing 3 of its most important players is beyond me. Chris Jones is undersized in many games, can't distribute the ball, and certainly can't shoot. Rozier is streaky at best. Harrell is athletic, but really has no skills. He stands along the baseline and waits for offensive rebounds or passes for dunks and that's it. He guards himself much of the time, and disappears in big games (see UK, UNC, Duke). They lack depth. Very good defensively, but can't score enough to render it that effective against good teams who are also good defensively. The fact is, UofL is a top 10-15 team in America at best...They were riding on reputation until now, and they're getting exposed.