Those donors you're dismissing built the new football and basketball practice facilities. The sponsors, like Nike, must be thrilled how its shoes get mentioned every time the team wears a new pair. UConn and the Swoosh are on TV ad nauseum and, in fact,
UConn was the #47 ranked school in licensing revenue in 2014, the most recent year for which info is available, and one of the highest ranked basketball schools. That's incredible for a school where the football team is basically a non-entity. (side note: Duke and North Carolina football were ranked in 2014)
Absolutely the goal is to get into the P5 but it's not a quick or easy process. Herbst and Benedict are working on it as best they can and part of that is improving the overall quality of UConn as a university. The more highly qualified students and faculty dismissed above help improve UConn's academic reputation which is important for consideration for the ACC and Big 10. So, yes, there is a payoff there, too.