Only problem with that gigantic IF, is Baylor, A&M and TCU. They are not our peers, they have left us behind, need to re-focus on reality and achievable goals.
Is the new coach going to come in telling the world that he's going to beat Baylor, TCU & A&M and return SMU back to the top of the football world so everybody needs to get on board and support him? Or, is he going to explain how this is a great opportunity, his goal is to return a winning program to the Hilltop, and his #1 priority is being the best program in the AAC so everybody needs to get on board and support him?
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Not to pick on you, footballdad, but that sounds a lot like some of the defeatist thinking around the Baylor program 1996-2007, pre-Briles. While we were in the same conference with OU, Texas, Tech, and others, but they weren't our peers because we couldn't compete with them on the football field.
Briles came in and started working to erase the low expectations around the BU program. There was quite a bit of skepticism when he came in because while he did turn around UH, won the CUSA Championship and got them to bowl games, there were some holes in the resume. I believe he only won 1 game against "BCS" schools, an upset of Oklahoma State, and had a close call against Alabama. Other than that, BCS schools had typically throttled UH and I don't think he won a bowl game there either.
But he had an offensive system he believed in. He knew how to evaluate and recruit talent that fit that system. Most of that talent was 2 and 3 star recruits, not 4 or 5. Terrance Williams #83 for the Cowboys was a 2 star recruit from W.T. White with one other offer: Colorado State. Tevin Reese was an undersized 2-star WR from Temple with no offers. Bryce Petty was a 3-star Tennessee commit who Lane Kiffin decided he didn't want. On defense, two of our current LBs, MLB Bryce Hager and OLB Taylor Young from DeSoto- both 2 stars.
Briles didn't have much to sell the first couple of years except he did have a new on-campus football practice facility and the promise of early playing time, and a fun system to play in, based on what he had done at UH.
He started by recruiting OL and redshirting them...win in the trenches with 21-22 yr olds, not 18 yr olds. His offense had been productive, so he was starting to be able to attract skill people who could run it. Success didn't happen overnight...Baylor went 4-8 Briles' first year. The second year looked like it was going to be better, then RG3 tore his ACL and BU went 4-8 again. Since then, winning seasons, continued improvement on the field, bowl games, a Heisman, a Big 12 title, a new stadium, continuous improvement in recruiting, have won 2 of the last 3 over OU, 4 of 5 over Texas, 4 in a row over Tech...
The point is, while every turnaround doesn't have to be that exact recipe, there's no reason SMU can't hire someone who can find underrecruited talent (especially in DFW), play a fun brand of football that will get people inside the stadium...hire cops to shut down the tailgates 20 minutes before kickoff if you have to

...and start rebuilding the program.
Last point, there's no reason SMU shouldn't play Baylor, A&M, Tech, and TCU, but no way SMU should be playing 3 or 4 of them in the same season for non-conference. Schedule Rice, North Texas, UTEP, UTSA, Tulsa, a WAC or Sunbelt, but no reason to kill yourself with a brutal non-con. Play one of the former SWC teams, but then try to schedule 3 non-con wins and focus on making a bowl game and improve from there.
Jones had SMU on the brink, but whatever happened in 2012 with ASU and the aftermath killed any momentum he had built up, but no reason SMU can't get back to pre-2012 level and build from there...just my two cents.