I'll start off by saying I love football and can't imagine a flagship school without a program. But I'll also say I compare things now to the basketball program of the early 80's ( which I sat thru). The Cage, while nostalgic, was a dump. Dirt floor, wood bleachers, small, zero amenities. But the change all started with upgrading the players. Started with Coach Tom up thru Cal, the talent improved, and momentum built. Cage became electric again, interest picked up, then the Mullins got built. Not saying football is going to be a nationally ranked program, but it should be able to be competitive enough to draw fans & bring in money.
That said, I think state government has a "show me first" kind of attitude relative to funding any new stadium. So any money in my mind should be to improve talent and the product on the field, and build momentum and the fan base so the state sees it as a worthwhile spend. A nice new stadium doesnt win games, players do