Basketball to me has always been the most compelling reason to consider a move up to D-I. I would take a sixteen seed and a blow-out loss to the likes of Duke, Kansas, Arizona, etc. over an Elite Eight appearance any day. The I-AA football is just a by-product. Football weighs the whole model down like an anchor, having to fund an additional 27 scholarships. Where's the incremental revenue? Sorry if this is all rehash from the last two years, I'm new to the party on this issue.
Here's an interesting article from the Lansing State Journal, dated last spring, that articulates the business case behind D-I basketball, the trickle down of the TV money, etc.
Cash Up For Grabs
I'm the minority here, but if the waiting period indeed is reduced to five years, this becomes a no-brainer. The way I read the article, even a bottom feeder in a mid-major conference ends up with $200-$300K in the coffers from TV. That funds incremental scholarships, travel expenses, etc. The additional alumni giving becomes gravy.