The good news is Memorial Stadium looks pretty good as-is and nothing major is needed. We are a long way from the days of the north and south endzones only having small bleachers. Yesterday, secondary market tickets were $35-45, which indicates we don't need a lot more seats. IMO, 1-2K extra seats (with great views) could cheaply be added in the lower corners and south endzone. When there is enough demand for more suites/premium seating, build it when there is a good ROI.
I agree ongoing renovations and upgrades make a lot of sense -- there are many things that can be improved. The challenge is the money used for the stadium could be used for players and staff, which is probably a better use in most situations, the stadium is only used around eight times per year. Almost all college stadiums are old with mostly bleacher seating.
Washington did a huge remodel to make their stadium (too) nice and comfy, but that has contributed to their athletic dept's pretty bad financial situation.
We should be using this moment to raise as much money as we can and get projects going ASAP, just want to make sure money allocated to the stadium has a good return for IUFB in the future.