If someone has in-state tuition and good grades, UF is a very good state school. FSU is still a party school though and not known for their academics at all.
I realize this is just one example, but...
My niece is a National Merit Scholar, and she just chose F$U. Both of her parents are Gaytors. Visited UF, but would not even visit UM, though I offered to set up a visit and go with her. A lot of her decision had to do with the cost (at least the UM vs. F$U part), and the "past historic" poor academic ranking of F$U did not dissuade her.
Whatever crack F$U is selling to US News and applicants is working. Meanwhile, Frenk is not providing the resources that UM Admissions needs, and that UM Placement needs.
UM's next President needs to be younger and in touch with what is needed in the modern marketplace. UM needs to do more on Admissions, Placement, and the Endowment Fund FOR SCHOLARSHIPS. I don't care if UM doesn't build another building for the next 20 years, we have to defray the MASSIVE cost of attendance, we have to overcome the reluctance of top students to even apply to UM.
And, yes, the changes need to incorporate Athletics. If we are a Power Five school, we need to look and act the part in football, basketball, and baseball, and we need to reinstate a few of the other athletic teams that we have destroyed over the years. There is no reason why UM should not be great in tennis, golf, swimming/diving, and soccer. We need to lobby the NCAA to devote its MASSIVE revenue streams towards providing MORE opportunities for student-athletes, and allow us to convert MORE team sports from "equivalency scholarships" into "head count scholarships".