It is part of the Texas A&M school system and easily would be able to fund moving up to a higher level. The positive is that Texas is football crazy and they already have a very good sized crowd for a lower division program. The main negative is the school is located in a relatively small town which may cause issues in regards to attendance growth. The question would be could they build a stadium or expand on the existing stadium to seat at least 30K? Would enough people be willing to travel for a couple of hours to attend games so that the attendance could jump up to at least 25K? In regards to the stadium, it is built in a way that they could easily expand from the 24K that it currently seats to over 30K with a minimal cost, and could likely expand to around 40K by leaving the main stand area as is and expanding in the open areas without a total rebuild. In regards to people willing to go to the games from further out, this is Texas where people travel 6-8 hours for high school football games. Finally they have around 18K+ in attendance at the school which is a little on the small side, but isn't horrible.
My feeling is that Tarleton would be a good second football program in Texas which could help expand the MWC footprint and if handled correctly could help increase the TV contract.