I think they're tip-toeing around the questions as per the future of the old press box because in all likelyhood it's going to be scrapped (my opinion). I personally hope they do something with the art-deco MICHIGAN STADIUM on top of it -- if they don't put it on top of the new boxes in the stadium somewhere in the concourse area or on campus.
Here's the official release from the renovations Q&A page:
Q: What is happening with the press box?
A new press box will be built, addressing building codes and functionality. The current press box is over-crowded and outdated. It was designed in the 1950s and is in desperate need of modernization.