I think a school like UCF would be beneficial to the conference in the middle to long term. The City and its surrounding suburbs, according to Wikipedia have a population of nearly 3 million people, putting them 17th in the nation in this category. That's a decent size market, with no NFL team. Additionally, I think TV contracts in the future as others will say, will be dependent on how many people watch, which means fan base will be important. I think it is in the best interest for conferences to run their own production studio's as the money in advertising for these games is substantial. More people watching your game, the more advertsiers are willing to pay.
The problem is that when the sports media talks about teams to add, they are solely only concerned about the win/loss record of a team and the match ups that will create. The BIG 12 espn blog has a running article that ranks the expansion teams every week, from reading it, they are only taking in to account the teams win/loss record at that point in time.