Its certainly a template that others should follow...and similarly, 3 out of the other 4 new Big 12 members did so since 2007:
2007: UCF's 45,300 seat On-Campus Football Stadium and New 10,000 Seat Arena open up that Sept.
2014: Houston opens up their new 40,000 seat on-campus stadium (built for $138 Million). Without that on-campus stadium, I don't think UH would have been considered a strong candidate for expansion if they were playing at the Texans NFL Dome down the road.
2016: Cincinnati spent $86 Million to expand and renovate Nippert Stadium to 40,000 seats.
Cinci also spent $87 Million during a 20 month renovation of their Firth Third Bank Arena that reopened in 2018.
Houston also spent $60 Million (after a HUGE $20 Million gift from Fertitta) to totally renovate their basketball area that reopened in 2018 as well.
While winning certainly helps anyone, investing in ON-CAMPUS facilities is big to most conferences and I think thats what held Memphis back.
Building a new indoor practice facility is a good first step but one could ask, why wasn't that done earlier, especially when you were receiving BCS $$$? (UCF's indoor facility was planned in 2004 during their last season in the MAC and opened up just over a year later during year 1 of CUSA Football in 2005
).