This will not work unless they get an on campus(ish) stadium. If you could find a way to build them a modest, cost efficient, no frills on campus stadium somewhere not in the ghetto, then I think they could make it work.
They won't be world beaters, but it would go a long way to seeing that their program remains viable. Sticking them back out in Legion Field combined with the rebuilding growing pains is a recipe for ultimate failure. They have a thriving/growing micro/craft beer scene, food scene, and minor league baseball that draws very well in downtown Birmingham. A stadium somewhere downtown or near campus (basically anywhere other than the ghetto) would help a ton. Basketball does just fine, I see no reason why their football wouldn't also be just fine as long as they had a decent place to play.