I guess I'm in the minority, but I think these renovation plans look pretty sweet. The Liberty Bowl has a ton of history, and it's an asset to the Memphis football program, if updated. A renovated Liberty Bowl will be a much better stadium than anything Memphis could afford to build on campus. You'd very likely be spending a lot more money to build something worse.
This isn't a Floyd Casey or Legion Field situation. An updated Liberty Bowl could actually be a really nice, modern stadium. And I think the UAB situation is pretty informative as to the type of stadium Memphis could expect to build on campus. And while UAB's new stadium is fine, I'd take the new look Liberty Bowl 100 times out of 100.
As for Memphis' eventual inclusion in the Big 12, I'm for that as well. I wanted Memphis and Boise added (in addition to the four selected) when expansion was being discussed. I think there's strength in numbers, and I'm a firm believer that any program that can compete consistently with G5 revenues and resources can do so at the P5 level. Both Memphis and especially Boise have proven to have some staying power through multiple coaches. I think they're two of few remaining G5 remaining programs with the commitment level and potential to add value to a quality power conference.