I don't know how feasible or cost-effective a renovation would have been, but I agree that this is a bad move by the U. While they don't have their own stadium, at least the U was fairly close to campus, whereas the Dolphins stadium is what, like 30-40 miles away? And when college teams play their home games in NFL stadiums, the games seem to be totally void of college atmosphere. I still don't understand why Pitt moved out of their cozy on-campus home.
Can you say Steve Pederson? He demolished the football stadium to build a new, state of the art, basketball arena. I don't think Pitt's campus is that far from Heinz Field which is a pretty nice stadium. That move elevated Pitts hoops program at the time.
The Dolphins stadium, as stadiums go, sucks for the pro teams too. It's multi use, square and leaves you too far away from the game. And the neighborhood sucks worse than where the OBowl was.