As someone who has been privy to UVU's athletic plans as well as the "master plan" for their properties around the valley, I can tell you that, barring a donor who is willing to commit $200-300 million specifically for the purpose of establishing a football team, it's not in the cards.
The state is already subsidizing several football programs in other state schools and, with the limited funds that exist for UVU, it's all going towards expanding facilities to meet the space needs of the largest and fastest growing university in state.