lol - I'm not sure what reason #1 would have to do with it at this point.
I think the expectations would be, after somewhat of a rebuilding period, to compete with Clemson and Florida and be better than Miami. Just a couple years ago, they were doing that. Hell, they were much better than all of those programs just 5 or so years ago. People are such prisoners of the moment - they think whatever condition exists at the moment is destined to persist forever. It's a favorite pastime of CFB fans to point to a historically good program who is down and tell them that they'll never be good again.
A beef Jimbo had with the admin/boosters while he was there was that they wouldn't open their pockets enough to have elite facilities, recruiting budget, etc., but I think he was able to convince them to do so once he won that national title. Not sure if that is an issue anymore or not.
When you get down to it, there really is no reason why they can't be really good again, and be good again pretty quickly. It's an easier rebuild than a place like Tennessee.