The D3 part no way. But an option was to go MAAC or something of that nature. Wouldn't totally shock me if they went that route. The facilities seem to be in such a disastrous state that moving down would make more sense than making the investment.I looked at that thread, and I seriously doubt the university is all that serious about a move down to D3.
Only making the tournament once in 20 years in a conference where the tourney teams keep 75% of the prize money is not a recipe for being able to invest in an athletic department.