I think Kansas and Duke are the right programs to look at.
You look at their expectations and commitment to football and that is what we should probably shoot for in basketball.
The fundamental truth is, if you build it they will come. Put the resources into it, build a winning program and you will get fan support (good and bad) BUT 1) It isn't ever going to mean as much as football to the fanbase. It just isn't. and 2) ROI. It's a business like anything else-you invest in it proportionate to what you expect to get back out of it so see my point above about Kansas/Duke football. How much are you really going to get back out of OSU basketball? I mean financially.
The arena holds a fair amount so you could shoot for that being full. The B1G TV money is already flowing through, not sure how you raise the water level there any. It gets back to needing some billionaire who needs to solve self identity problems and tax write offs in the same vehicle.
I don't know for sure but from 10,000 ft I don't see a big lift to the revenue proportionate to a big capital investment.
I think it's stuck where it is and you may get occasional variance if you catch lightning in a bottle on a certain player or coach.