As someone that has gone to many UC games there is a lot to like about 5/3 (imo), and for the first decade of it's existance it wasn't bad compared to other gyms. But 25 years later it is way behind the times, it doesn't optimize the space well or offer much to those in the nose bleeds (ticket sales) and while I don't know if this directly hurts our recruiting I doubt it helps when kids see other arenas in the neighborhood (UL, UK, OSU and maybe even X's). I know this much has been iterated before so I won't belabor the point.
Watching the games in the tourny makes you realize that superior seating arrangements exist. I like the bowl design, as it puts those in the corner still facing midcourt and feels like you're on top of the action.
I haven't heard a definitive plan from the university, but I'm sure it's on the agenda when money becomes available. We just don't have a huge warchest compared to some other schools. The major question is to renovate or rebuild? VV has had such a makeover over the last decade I think they should just build a new one. 5/3 is not like Nippert where we wanted to conserve a classic look or anything. Build a new one where 5/3 is now and play games downtown for a year if that is what it takes.