There are a number of issues at play here. Some relate to UConn specifically, and some are more general issues.
Make no mistake about it: the primary seller markets for live events are hurting EVERYWHERE. This is not just a UConn problem. Some of it is the economy. Some of it has to do with secondary markets like StubHub; why buy seasons tickets when you can buy only tickets to the games you really want to watch and have direct control over what seats you get? Some of it has to do with the proliferation of HDTV and improvements in coverage/production in general. The sad reality is that watching a game in HD is preferable to watching it live in an upper-bowl seat (especially when you factor in travel time, parking, and other expenses/hassles). Finally, we live in an era of multi-tasking, and younger people are increasingly becoming accustomed to following multiple games/involved with multiple acticities, and going to a single game and being able to focus on a single thing is becoming progressively less attractive. Bear in mind this isn't just my opinion; this has been generally accepted in the business as issues that are applying negative pressure to the live entertainment industry. I was listening to a podcast with the CEO of Ticketmaster, and although he's a very bright guy with some good ideas, I didn't hear any silver bullets that would resolve these issues. And if he doesn't have the answers, the marketing department of UConn certainly won't.
Now, one gripe I do have is that Ticketmaster is a partner of UConn's, but they seem to trying out their most cutting-edge ideas with pro teams. I would suggest that the opposite approach would be better, namely, try out your craziest ideas at the college level first where the stakes are lower. Honestly, if I'm UConn, I tell Ticketmaster to have at it. Try out anything you want with our programs. Let us be your early adapters. They're the sixth largest eCommerce company in the world and are starting to act like it. Work with them more closely.
OK, so what are the UConn-specific issues? The aging fanbase issue has been discussed with great frequency. I also don't like the two-arena approach, but UConn is caught between a rock and a hard place along those lines. If UConn had its druthers and didn't have to pretend to care about the students, they'd play all their games in Hartford. It's more convenient to more of the fanbase to play there. Going to Storrs is a pain in the ass for most people.
And another big problem that doesn't have an obvious solution is that of the novelty wearing off. When UConn started kicking ass in 1994, it was new and exciting. Over the next 10 years, it continued to be. But now? People take for granted that the women's basketball program is really good and is going to continue to be really good. If you're a UConn fan, you've seen four undefeated seasons, a 90 game winning streak, seven NPOY, and seven national titles that include a three-peat. Nothing is special anymore. No player is special. No team is special. Nothing, no matter how great, isn't something you've seen before or won't have the opportuity to see again. No WBB program in the country, not even Tennessee, can touch the heights UConn has reached since 1994. For locals, it's so predictably good that there's no urgency to, say, shlep to Storrs on a Saturday night to watch UConn blow out an overmatched opponent. And over the past couple of seasons, it's especially acute because the team hasn't been quite as good. The teams have been Final Four-caliber, but not juggernauts. I bet you'll see a bit of an uptick over the next couple of seasons where UConn does have juggernaut potential, though it won't be a silver bullet kind of uptick.
The excitement going on in Waco right now? UConn has been there and done that. Fans selling out opposing arenas when UConn goes on the road? If UConn only played one game a season in CT, that would happen here too. As is, there are a lot of negative-impact pressures and a lot of games played in this state, and it's going to conintue to hurt attendance.