Stanford is a funny place, my experience has been that aside from Big Game week (and to a lesser extent USC week) they seem somewhat apathetic about football. Stanford fans seem to pride themselves on their University 1st and their football program 2nd unlike a majority of other fanbases whose self worth often seem tied to the W/L of the football team.
I think they could potentially be a power in this conference - unlike Vandy and Duke their AD is flush with cash - they rebuilt their football stadium a few years ago even though they never filled it. They have top notch academics, a beautiful campus, and if I'm not mistaken they field more D1 sports teams than any other school in the country.
They are in a great position - they have a laundry list of brilliant, rich alumni and because of the school's proximity to Silicon Valley and the center of the VC universe, many of these rich alumni still live in Stanford's backyard.
They could potentially be a power in the Pac 12 if that was as important a goal as it is at other schools. Stanford is a lot like CU only with superior academics, deeper pockets, and is located right in the middle of its alumni/donor base. I don't think they're going to be anyone's whipping boy anymore.