Just registered here and since I am currently a grad student at UCF maybe I can shine some light on the Knights.
UCF was only founded in the 1960's and has a very miniscule endowment compared to other C-USA members and schools of a similar size (about $120 million). UCF has made huge leaps and bounds for the same reasons USF has, the explosion of recruiting in the South, the population explosion in the South, and the explosion in the enrollment of the school. UCF has or had last year (I forget which) the most undergrads of any school in the country and the Orlando area is booming with new residents despite the economy. All indications are that UCF is the primary realistic target for the Big East w/r/t expansion due to all of these factors, even though USF is going to try their best to block it.
I also wanted to say that I love this site and the guy who runs the Mean Green blog. Of all the Sun Belt Conference teams, North Texas definitely seems to have the most die hards and the best info w/r/t the Sun Belt and other member schools.