Which is a shame because they do have a very good team and smart passionate fans...just not enough of them.

Waco is the #87 TV market and not particularly affluent (30% of the city is below the poverty level, compared to about 11% for Seattle or 15% for Salt Lake).

The areas outside Waco are pretty much all already aligned with other schools. AltimoreCollins estimates them as having a miniscule fanbase (smaller than any teams currently in the Big 12 or PAC12 - by comparison the Wazzu fanbase is 50% larger). And it shows in their viewership. Removing postseason play and games against OUT, Baylor averages 730k viewers per game, fewer than any Big 12 or PAC12 team except Kansas.

I know they're our BFFs, but Baylor has some strong arguments against them as an expansion candidate even before you get to rape culture and/or religious issues