I've never seen anything credible that we picked wvu over Louisville, I've only seen it as a singular issue. Which, even though they had a bit of a crisis with their football team, their basketball team should have been a must get. Wasn't that when Charlie was just getting situated after the dumpster fire with Patrino into Kragthorpe eras.
At the time a majority of people were saying WVU was a power school getting left behind and Louisville was a CUSA school that was lucky to be in a temporary power conference in the CUSA 2.0 version of the Big East. There was a lot of "WVU has always been power, if Louisville was a power conference school they never would have been in CUSA" (like Cincy now). Plus WVU was a year removed from a final four. Looking back, Louisville would have been a good choice, but public perception was greatly in WVU's favor. Charlie had 1 year done at the time.
I'm not saying WVU was right, but if we took Louisville over WVU a majority of people would have said "wtf" and "Old Boren cutting a deal with his old buddies".
WVU is #20 in all-time wins, and I believe they are the winningest FBS program without a national title. Even though I think they have played for a couple in their history.
Also, at the time we took them, they had just gotten done thrashing Clemson in the Orange Bowl, and a few years removed from kicking Oklahoma's ass in the Fiesta Bowl.
WVU was the safer play between the two. But there was no reason to stop at two. We only stopped at two because they did all of that analysis with the consultants about Louisville + someone else not adding value. But that was beside the point. We see what Louisville is with P5 money, and it's safe to bet Cincy would probably be a consistent bowl team with P5 money and access to Ohio talent.
But, hey, short term dollars.