I truly don't think that they ever truly believed that they were going to get Power conference status. Even if they landed all of their top selections, it wasn't going to happen. Maybe an argument, but it wasn't going to happen.
They did what they should have done, try to sell that promise to anyone who would listen. Their name is still associated with a power conference, even though it is not. Like I said, they have a better brand, that is for sure. But I strongly doubted that they would have expected to be given AQ status.
They are somewhat out of good options, which is why they hired Octagon. Their internal team can't find a suitable 8th. Hiring outsied help will guide them in the best possible choice at this point.
I agree they are going to like what they hear, because their options are slim. They will likely have to go with a very underwhelming pick like NMSU or a PCS team with some upside like Sac State or Texas State. They are probably trying to decide if it is worth going with a team that offers zero media value now, that has a higher ceiling, or a team that has a bit more value now, but a lower ceiling.
Like I have said before, they could bite the bullet and circle back to UTSA. Again not making 9 million now, less of a travel issue. They just have to help pay up front. That would probably maximize their annual payouts. They could try to get Rice too, for the same reasons. Also when multiple teams leave, the exit fees tend to reduce. Texas and OU had a nearly 40% reduction as just 2 teams last season.