For certain a remodel of the LNC would more than meet any future MBB & MBB needs for the next 14-20 years save at least $100 million compared to a new arena. That would be $100 million that could be used for the new softball stadium, remodel of L. Dale Mitchell with $50 million left to go toward a new press box at GFOMS.
I wonder if the LNC's 1975 infrastructure makes a big remodel not feasible. I know there are water table problems. The Alpha Chi's tore down their old house and are building a new one. The old one was built in 1947. It was too small and the electrical and plumbing didn't meet the demands of the 21st century. You might have to take the LNC down to the ironwork and rebuild to make it work for the 21st century. And that might cost as much as a new building.
Remodel plans for the LNC (several diff options) have been circulating around for years. But basketball is far back in line. And with the arms race that CFB has become, it's going to be a while before the money makes it's way that far south.