Yes, of course. CU's divulsion into apathy toward football, causing its poor performance on the field, is certainly the primary issue. It's led to 20 years of kids being born in Colorado not caring about CU football, or only knowing CU football as a national bottom feeder, alienated donors and created indifference among even many die hard fans (see AllBuffs for prime example).
I was coaching in high school during the 2016 season, and the hype around CU among the players was real, though. CU had become cool again all because they were winning games. Not only that, but attendance that season and the 2017 season were best in years, TV ratings were really good, CU was playing on national TV, etc. If the administration decides they want a good football program, CU can be a great program again, and would certainly be attractive to the B1G.