I think until they have the money, and I don't believe they have the money, this is all a pipe dream no matter what they say. The idea that they will have a stadium ready to go in time for 2014 is completely out of reality. They don't even have a location picked much less plans drawn, environmental impact statements started much less completed, etc.
I also think that the idea of building a +/- 40,000 seat stadium for CSU football is ridiculous. I don't think a new, on campus stadium is a bad idea. What they should do though is build a state of the art, 20,000 seat stadium and go FCS, a level where they can consistently compete on the field and financially. The attempts to complete at the FBS level with new coaches, stadiums, etc. are only delaying the inevitable.
They averaged under 22k a home game this year and that figure is declining each year. Even if a new stadium generated an additional 5k per game they would still be at the bottom end of FBS attendance and revenues. The big conferences aren't lining up to add a school that would be a revenue drag on them. As the revenue differences continue to grow CSU will fall further behind, even if they improve their attendance and donations.
Stop trying to be big time, instead make the best of who they are and become a significant player at the FCS level and spend less money doing it.