Baylor has just never been *that* interested in identifying with Waco, and Waco gets it. Tough hill to climb at this point, IMO. Briles and Mulkey had the colorful redneck personalities and the winning % to do it.
Baylor could've gotten P3 funding for the new basketball arena downtown. In essence, developers would've paid for it (bonds issued by public entity, paid off by developers) in exchange for the right to have concerts and such there. That's what UT did with their new arena. As rich as UT is, and as big as its alumni base is, UT got a free basketball arena. And Austin got a new concert venue downtown.
Baylor chose to instead have its alumni base / fan base / donors pay for a stadium so that Baylor would have 100% use and not have to allow others to hold concerts and events. Just building the thing is still a nice benefit for Waco, but not nearly as big a benefit as had we gone the UT/Austin route with it. Worse for Waco, worse for the alums who foot the bill (myself included), but there you have it..