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The state of Connecticut would be #20 or #21 and UConn dominates Connecticut far more than UCF or USF dominate their markets. UCF and USF are both #3 or #4 in their local markets.
Also, both the Tampa and Orlando DMAs cover about 10,000 square miles each. The whole state of Connecticut is 5,500 square miles. In terms of population within a given distance of the stadium, UConn has USF and UCF beat handily.
In a vacuum, UConn is much more valuable as a school compared to USF and UCF. UConn is a flagship school near 2 major markets (NYC and Boston) with elite basketball programs.
However, conference realignment doesn't exist in a vacuum. Therefore, UConn shouldn't underestimate USF and UCF any more than it underestimated Louisville in the race for the last ACC spot (which I completely believe is what happened with your president and AD). The Big 12 is actually the most pure on-the-field football-focused power conference when it comes to realignment decisions. Even the SEC added Texas A&M and Missouri for a grander demographic household-based expansion regardless of on-the-field results. In contrast, the Big 12 backfilled with West Virginia and TCU, neither of whom added a lick of TV markets but both had a ton of recent top level on-the-field football success. That is ALL that the Big 12 cares about (because that is ALL that the University of Texas cares about).
UCF brought some on-field success last year, while USF hasn't lived up to its potential when the old Big East gave them a lifeline nearly a decade ago. The thing that both UCF and USF bring to the table, though, is the best pound-for-pound football recruiting region in the country. The state of Florida (and specifically the southern half of Florida that encompasses Orlando, Tampa and Miami) is both huge in terms of sheer numbers of top football players AND on a per capita basis (as Florida produces FBS recruits at a higher per capita rate than even Texas while completely smoking California). Those metro areas are still growing like crazy, as well. Yet, the state only has 3 power conference teams (Florida, Florida State and Miami). It can easily support as many as the state of Texas (which has 5).
The SEC schools are now seeing the power of combining the Florida and Texas recruiting areas into a single power conference (both of which are also rapidly expanding markets for TV purposes, so there is some correlated off-the-field business upsdie). It's not crazy that the Big 12 might like to do the same, especially since the only thing that the conference is hanging its power hat on is pure football prowess.
Schools like UConn, Cincinnati and BYU should want more conference realignment happen FAST (meaning within the next 3 to 5 years) while they still have more of a tradition-based advantage. Any longer than that can allow for well-located schools in recruiting hotbeds like UCF and USF to build up their reputations further and become much more attractive if the round of conference realignment isn't until a decade from now.
