The main problem is how many uber-successful alumni and fans does FSU have compared to their competiton?
FSU is a crappy school in a crappy down and it's far from the premiere university in its state. The smartest, most likely to be successful people in Florida do not choose FSU, and highly successful people rarely want to live in a place like Tallahassee.
Miami can surround itself with a few billionaires with a B. In Tally they are hoping the local Ford dealership kicks in. Even in other college towns like Tuscaloosa and Athens, Bama and UGA are THE university in their states. There is state-wide passion for those programs, and they both drive a significant part of the state economies to some extent via their alumni networks. A kid in FL who wants to stay in state to pay the local tuition rates can go to UF, USF, UCF and more, and also try for assistance at UM. FSU brings a knife to a gun fight.