Better for Football wins but not better for the university. [Read: $$$]The reason you are not on that level (aside from depth issues that Stoops is hopefully fixing) is because in any given year you have to go through, at a minimum, Florida, Georgia, Tennessee, and South Carolina. Lately Missouri too.
UofL only has to go through FSU and Clemson. I thought for several decades prior to UofL joining the ACC that it would be so much better for UK football if they were to join the ACC, but of course that ship has passed.