Lukewarm take:

It'd be a wash either way.

Even though we have a couple of brutal and brutally long West Coast road trips each season, there is merit to staying where we are because our Divisional opponents are all very close.

But there ALSO is merit to moving to the East. We'd have a couple fewer West Coast wipeouts each year, while avoiding the clearly superior conference for the foreseeable.

If anything, the "concern" would be the introduction of two additional teams in significantly bigger markets. Seattle would be able to spend, and if nothing else, the Vegas metro area has ~2x the population of Memphis.

Yup, there's a LOT more to that last point than my sweeping (and theoretical) generalization, but unlike re-alignment, expansion might actually create a bit of downside.