Ole Miss has funding ,but their funding doesn't match Alabama, Tennessee, LSU, Florida, Georgia, Auburn, or even Arkansas. Support is there, but the fanbase isn't very large.
Given the right head coach, they are able to compete for an SEC Championship every now and then. Ole Miss won't be a consistent power like the above schools mentioned ,but with the right head coach, a good group of players, and some luck, they can compete. However, I don't ever see them becoming a national power again. They can be a consistent (6-6)(7-5) program with an (8-4) record every few years, and have a once in a decade (9-3)(10-2) record.
Perhaps I'm being too kind to Ole Miss fans. After all, they have the 2nd highest following in the Memphis area behind UT.