I hope I'm not speaking out of turn from previous conversations with folks in the Dept, but the hope / plan is to start parts of Phase 2 ASAP after Floyd.
IOW, MT will probably not wait for "fully funded" to go ahead renovate the areas vacated by the football team. This will allow MT MBB, the athletic department, and other parts of the AD to spread the wings a little bit. And it could be completed for a relatively affordable price.
Getting suites built in MC & cleaning up / renovating the inside is absolutely critical for the long-term financial health of the dept. Suites = $$$. Having a few nice sections of nice, comfortable seats that you can charge a little more $$$ will be helpful too.