I happen to have a local perspective on this (and no.....it's not KSU
).
Wichita State University dropped football in 1986 after years of fan apathy. The Shockers played in the Missouri Valley Conference until it dissolved in 1985 and competed as an independent in 1986. Being an independent (and a small conference before that) meant that it was difficult to get teams to play at Wichita State which, as we know, is a great way to have a lot of road losses. So, after the end of the 1986 season, they announced that football was going to be dropped as an intercollegiate sport and released all their players.
Five times since Wichita State dropped football, there have been initiatives to revive the program. Every one has failed. The current university president, recognizing the valuable role that football plays has started another review of the football program. They estimate that it will take $12 million to get the program started if they use their existing 30,000 seat stadium that was built in the 60's and hasn't had meaningful improvements since then. The cost balloons dramatically if they want a stadium that fans will enjoy using.
The annual cost would be around $4 million per year at the FCS level, $7 million per year as a low level FBS team and double that to compete at the BCS level. Georgia State and UNC Charlotte are two programs that relaunched football after a hiatus and are being used as the blueprint for the current planning for the return of Shocker football. Georgia State moved to FBS after 3 years in the FCS and had their first bowl appearance as a member of the Sun Belt conference in 2015. UNCC joined Conference USA after two years in the FBS last year. Both spend around $6 million per year at this time. Neither is a candidate to jump to a BCS conference any time soon.
One of the primary reasons that Wichita State has not started football back up is that there is a belief (understanding?) that local fans will not be prone to abandon their allegiance to KSU, KU, Nebraska, Oklahoma or Texas for an FCS program or even a non-BCS program, so it would be imperative for Wichita State to advance as quickly as possible in order to keep the financial side of the equation viable. When you factor in that most BCS conference universities are spending far more than $10 million per year on football, there is an economic hurdle that can not easily be crossed. On top of that, merely competing at a high level with energetic fans and a flush budget does nothing to guarantee your opportunity to compete in a BCS conference. We've seen threads on this board asking why Houston is not in the Big 12. Schools like BYU and Boise State would love to join BCS conferences but are not receiving invites. What I am getting at, in my prototypical long-winded fashion, is that there is, without a doubt, a monopoly type situation existing in college football where the have nots are very definitely deprived the opportunity to compete on a level playing field.