I'm not sure what changes the BOT can and cannot make to the school's mission (or charter) but I would be stunned if they would even consider sacrificing the research dollars they receive in order to build a football stadium that would generate a fraction of that money.
For the purpose of full disclosure, if I had the authority to make the decisions, we would have built a 75k seat on campus football stadium thirty five years ago and upgraded the football program five years before opening that stadium. Gampel would have seated 12k and adjoined a 5k seat ice hockey arena (and the hockey programs would have been upgraded then). Additionally, an actual highway from Hartford to Providence would have been built, passing just south of campus to allow the tens of thousands of automobiles arriving on campus for football games. Unfortunately I did not have that authority then and do not have that authority now.
I would love to have an on campus stadium, and on all candor, if the program had been further developed properly after the Fiesta bowl, the conversation today could have been "Should we improve the Rent or build new on campus?". Now. I don't see a feasible move (shy of downgrading to FCS) to an on campus stadium for at least another decade.
When you have some time google what major universities receive in research dollars. It towers over what they receive from athletics (to the point where many schools have downgraded athletics to protect research standing), even at schools that make the most from football.