I think their run is pretty incredible, and I agree that the USF-UCF rivalry is a good one. I certainly don't want to dog on them - or any of the Big East schools for that matter, who are mostly all "build from the ground up" projects that have done a fairly good job of turning around.
That said, there are already three major football powers in the state of Florida - and one of them, Miami, has notoriously fair weather fans. Is Florida an oversaturated market? I'm not saying it is - Texas (the state) does a decent job of getting folks to Baylor, TCU, SMU, UH and Rice games. But then again, ECU, Central Michigan, and Nevada draw pretty well too. But they're still mid-major programs - very good mid-majors, but mid-majors nonetheless.
If that were USF's fate, it's not really such a bad one. And unlike WVU, I wouldn't feel bad for them for getting knocked off the BCS mountain - because West Virginia has fans now, who care deeply now. To me, it's tantamount to Iowa losing their BCS status because they're in a small state in a vulnerable conference. (Or imagine that ISU drew as many fans to Jack Trice as the Hawkeyes do to Kinnick. Now wouldn't you feel worse for them if the B12 breaks up?)