It’s a bigger version of Drake Stadium, without a premier track event every year. KU putting money into that stadium is a losing proposition because the stands are so far from the field due to the former track. They need to raise and/or finance $250mm and build a compact new stadium like Baylor did. Play in Arrowhead (or Lawrence High School stadium) for a year while they tear down the current stadium and build new.
I think that you're right. Instead of putting money into that stadium, just play in Arrowhead for a year and start new. One think that ISU has that KU doesn't is fan support for FB. Their fans have been beaten down and just don't show up. If you start with a smaller stadium, that makes it a little more intimate. You can grow from there if they start winning.