I guess my reply to that would be that the Rent is cold, sterile and pretty far away from your main campus. With no atmosphere or real home field advantage. Kind of a boring place to catch a football game. The renovated Nippert will have nicer concourses, brand new luxury boxes and be a hell of a lot louder than Rentschler. It's also part of campus and has history to it. The Rent by contrast, is pretty much just an open, bare bones, grey stadium in a parking lot.
Then there's the factor of buzz. When we're winning we have more fan support than your football program does. Which is a shame, if it had half of what your basketball program gets, you'd probably be in the Big 10 or ACC now. I think back to the Kelly days when there was a great deal of hype surrounding our football program. A ticket to the big show, would get us even better recruits and more press. It's not like the Bungles or Reds are worth noting.
As far as the Big 12 stadium bit, there are few stadiums that compete with Texas Memorial Stadium, even in the same conference and yours doesn't either. More over, we have a pro stadium and an NFL franchise who uses our practice facilities and sometimes hosts our pro days, as well as letting us use their field when needed(like this entire past season). By contrast, you don't really know whether the Pats will let you use Foxboro or not. So, could you accommodate their crowds? Could you battle for recruits in their territory also? Seems like a bit of a culture clash not to mention the weather. I don't know that you would dominate the Northeast, when you are predominantly playing teams in a conference that are from the Midwest and southern plains.
Besides, we already have a rivalry with the couch burners. With us and Memphis, you gain two traditional rivals(going back all the way to the metro conference), the liberty bowl(the stadium), and close proximity to WVU. Not to mention, fertile recruiting ground, which isn't in the northeast.
Football is a bible/rust belt sport. Not an East Coast sport.