Nothing Ventured Nothing Gained
I guess. The track record of teams moving up w/o a big student population and some population behind them (UCF, USF for instance) is mixed. Marshall had a decent run at first but has tailed off. Not sure it has worked out well for WKU.
A big part of me says that a legitimate FCS power recruiting a quality player can say you will play in front of 20,000/game at home and be a contender for a National Championship. We know that competing for a National Title is not something that the IU's, WKU's, and Marshall's of the world can offer so I guess the question becomes what do recruits really want.
Montana is the flagship school of the state so that makes some sense. Right now Appy State is the flagship school of FCS in NC and to a large extent nationally. If it becomes another Sun Belt off the radar school, I am not sure that is a plus to its profile.
Others have been rumored to be on this decision path: Nova for instance. Major metro area. Defending FCS National Champs. Could go the path of UConn to the Big East.
I have felt for years that ISU should be able to out recruit Ball State mainly because it is an FCS school that with proper execution has a legitimate chance to be competitive to make the playoffs. Ball State offers a chance to be the champion of one of the 20 or so bowl games out there of which no one watches or cares about.