No, it's based upon having a top 20 media market, several championship winning programs, and a budding football program. If they already had these facilities, they'd have been included before several of the recent invites based upon media market size alone.
As for your 2nd sentence, please explain how. The Hornets have been competitive and/or winning conference titles in a multitude of different men's and women's sports, including beating prior members of the Pac-12. Once they are in FBS and a conference such as PAC-12 or MW -- they'll be drawing in even more student athletes likely making them even more competitive.
Decades for football. Because they lacked the facilities needed to attract top talent AND a committed president, AD/athletics department, and the right coaching. Had Robert S. Nelsen or Luke Wood, Mark Orr, Troy Taylor, and Kris Richardson all happened 25 years ago -- the success would have happened then. Despite the lack of facilities. They've already proved that. Adding the proper facilities to the mix just takes it to the next level. But other sports, such as baseball, have been successful for many years.
They get the new football stadium and events center built, it's not going to take decades to win in FBS. Not with a committed president, AD, and the fertile recruiting grounds of the central valley, bay area and SoCal.