@upstater I believe their plan was for a $200 million dollar campus in downtown to go along with their current main campus in Orlando. I think they were going to partner up with Valencia college to build the campus while paying for half the cost through private donations and the other half being funded by the state. I haven't read up on it since it was introduced last fall. I have a feeling it didnt get traction but UCF is looking to expand their current campus and get more students on campus. If I'm not mistaken they also built a new football stadium and basketball arena in the past decade.
They are in an easy to get to location (travel wise) and have a ton of attractions around them and within an hour drive. Lots of potential with UCF if you are forward thinking and not just looking at the here and now.
Just look at UConn football as an example. Before UConn made the jump to FBS most residents of CT and even UConn students were fans of other football teams (Notre Dame, Michigan, Miami, USC, Penn St, etc). If UCF is in a power conference they will get their alumni and the local residents to back them just like UConn football got the state of Connecticut to back them when they made the jump to FBS