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What better I-AA teams are currently looking to upgrade to I-A?
Florida A&M is looking into it.
http://www.tallahassee.com/mld/democrat/5916476.htm
If they made the move they would be the first historically black college to play Div 1-A football.
To answer the original question, I think the SoCon has a few options available, in no particular order:
1. Coastal Carolina (starts playing Div 1-AA football this season as a member of the Big South)
2. Charleston Southern (Biggest drawback besides the fact they have a weak football program is there are already two SoCon schools in Charleston already.)
3. Gardner Webb (Big South for football only. Top 25 team last year. Would allow SoCon to keep ETSU for everything except football)
4. Savannah State (First year Div 1-AA Indy last season, Give the SoCon another Ga team. Would require all sports.)
5. Florida International (Indy in football, in the Atlantic Sun for other sports. Would allow the SoCon to keep ETSU for everything except football. Is looking to move to Div 1-A in football in the next couple years.)
6. Florida Atlantic (Indy in football, in the SunBelt for all other sports. Would allow the SoCon to keep ETSU for all other sports. Also looking to move to Div 1-A in football in a few years.)
7. Southeastern Lousiana (Opens play this year as Div 1-AA Indy. In Southland for all other sports, allowing the SoCon to keep ETSU for all other sports. Distance from the rest of the SoCon poses a problem.)
8. Stand pat at 8 football schools until the proposed Div 1-A requirements are supposed to go into effect and decide at that point, with the additional schools available, if to expand.
As it stands, the SoCon isn't in that bad of shape even after ETSU drops football. The VMI/Elon swap with the Big South was smart, in as much as Elon has much better potential in football. As long as Ga Southern, Furman, and App. State keep playing they way they have the past few years the SoCon will not only survive, but thrive.