I've sat in those meetings where the option of a football team was brought up, and then completely shot down...without hesitation. Not sure who your sources are, but they are wrong. Cool as it would be, football is simply too expensive, and would have to be completely privately funded, to the tune of, as Big12 said, $200-250 million dollars, cause the state isn't going to subsidize, or even consider funding, yet another unprofitable football program, such as Utah, SUU, Dixie (sorry, forgot what they call themselves now), and Utah State.
They are going to eventually build a bigger facility on the 200+ acres that UVU owns in vineyard, but this will be focused on supporting Soccer and Olympic sports. Again, I was part of those discussions, and it will take private funding to get it done.
The only money the school will get from the state is funding towards academic expansion, cause they are the biggest university in the state now, and one of the only universities that's growing.