SMU would like to become another Baylor, holding on to conference-mates to produce AQ-level revenue without making serious investments-- paying a coach $2mm/year for a few years alone isn't enough.
SMU would apparently like to avoid doing what TCU had to do to get where we are today, and that is investing a whole lot of money over a long period of time to work to the top level of college football.
If they succeed, good for them I suppose. Why pay dearly for something that can be finagled on the cheap?