With Mark Cuban and Boone Pickens involved this could become something...

Austin, Texas Current Arena Football League
Birmingham, Alabama member of now defunct World Football/World Hockey Leagues
Columbus, Ohio Current NHL Bluejackets/MLS Crew
Las Vegas, Nevada member of now defunct XFL
Los Angeles, California Numerous NFL teams
Louisville, Kentucky member of now defunct American Basketball Association
Memphis, Tennessee Current member NBA Grizzlies
Oklahoma City, Oklahoma Hosted Hornets for two years post Katrina
Orlando, Florida Currrent member NBA Magic
Sacramento, California Current member NBA Kings
San Antonio, Texas Current member NBA Spurs
Raleigh or Durham, North Carolina Current member NHL Hurricanes

These could be some pretty interesting markets with a team in New York/New Jersey, Dallas' Cotton Bowl or Fort Worth's TCU Carter Stadium and possibly a franchise in Little Rock, Arkansas.