UVA brings a good brand, elite academics, a dedicated fanbase, prestige, and elite basketball and baseball programs to the table. On football, they could be a sleeping giant, but here's the thing and as a UVA alum it does pain me to say this, the school will never do what it needs to do to be a Top 25 CFB program.
First and foremost, they do not care if they're an elite CFB program or not. If UVA could find a coach that could win 7-8 games consistently and make a decent bowl every year, he'd be coach for life. They aren't going to go out and hire an elite and expensive coach. At best, they hire a coordinator who works out and ends up leaving for a bigger job in a few years. The issue isn't UVA's potential (there's plenty there), the issue is that the school's leadership doesn't value having an elite CFB program.
Also, VT dwarfs them in fan intensity and dedication in football. Their viewership numbers aren't great and they'd be Vandy 2.0 for the SEC. Makes sense though, geographically at least.