They can fix BYU-Idaho for a lot less money than building a brand new University.
1. Start a Sports Program. BYU-I needs a sports program, so students and alums will finally get a real college experience. BYU-I also needs an affiliation with other Universities (BYU-I has ZERO academic affiliation with any conference members!). A sports program, and a Conference, accompishes this (BYU benefits academically from being in the WCC). Graduates might also stay in and build up the area, following graduation if there is something to do. The WAC is a perfect fit, with UVU and Dixie in conference.
2. Drop the EFY style honor code (no shorts, sandals, curfews, etc) and at least copy BYU and BYU Hawaii's honor codes.
3. Expand campus, and enroll students on a normal 2 semester schedule.
This wouldn't even cost much money...