"Friend" of mine who is a big KU supported/fan spoke with the KU AD during the Baylor bball game and asked him why they're not pouring $ into the stadium and upgrading facilities right now. His answer explains it all. He said, "Right now we're 9 out of 10 when it comes to football facilities in the big XII (uh, who is 10?). We can't afford to spend $150M on renovations and only jump to like 7 or 8 in that race. That would be a poor use of funds. When we rebuild (he said rebuild), it needs to put us in the top half of the conference" Also, he gave some excuse on that the campus has regulations of how tall and where they can build up the stadium in its current location. He said to dig down or do a complete tear down and rebuild would cost a minimum of $250-300 given the space available - money they don't have now. Mentioned that U of Minn was what they were targeting and they spent about $300ish million on a 53K seat stadium.
So, they're just wait it out until someone donates another $100M to the football program. That is a solid plan.