Just to respond to an earlier point...
I don't think there is really any way you could ever see Memphis join the SEC, assuming that no current member leaves. Even if they get the facilities up to the level they would need to be, they would need to bring in at least one more team with them to even things out, and even so I don't think there's any way the SEC wants 14 teams. It often gets far too convoluted as it is with 12, and 14 would only further aggravate the problem.
Moreover, any move by Memphis into the SEC would encounter extreme resistance by both Ole Miss and Tennessee. The Rebels don't have much of a recruiting base as it is, and they cannot afford to give up any more with Memphis coming in. To a much lesser extent, the same goes for Tennessee, and they will still fight it. Even programs like Alabama, Vanderbilt, and Georgia probably wouldn't be too keen on the idea because they too occasionally get talent from Memphis.
I'm not necessarily saying I would be totally against them joining, mind you, I'm just saying as a practical matter it would never happen.