I echo the sentiments of CrossCyed that JP has pushed ISU athletics into new territory. He asked for input, and here's mine:
1. Become consistently relevant in football.
2. Achieve financial independence.
Since #2 is dependent on #1, it's all about football.
As we saw a year ago, football drives everything when it comes to the big picture. Win and you have options. Lose and you are at the mercy of others. While winning basketball is fun, and important to ISU fans, it will be immaterial the next time conferences start realigning. (Ask Kansas how much cache their hoops program has when push comes to shove.)
We're at an important turning point in athletics, and the only serious play is to go All In. There's no other guarantee it will work, either, but not going big has a definite path towards (continued) irrelevance.
Any other move will result in a lack of options down the line. Go Big, JP, Go Big.