We lived there a decade ago, right before Fixer Upper blew up and during the RG III years. Back then there was stuff to do, but nothing earth shattering. We'd tell friends / family that Waco is "not as crappy as you think." Ha.
We haven't been back for a few years, but it blows my mind how much downtown Waco has changed since Magnolia was built. It's impressive.
As for Baylor football, they were horrid until Art Briles and RG III came. I remember looking at their football historical records and seeing that they'd not been bowl eligible since something like 1994!!! They'd had good men's and women's basketball teams and track teams, but I think that was it. An innovative offense, a once-in-a-generation QB, and some really good skill players had a seismic change on their program. As Texas and OU have been down (and now leaving the conference), Baylor picked a good era to peak.