Will the Fans Ever Really Come Back? Saying FBS will somehow let us compete against Cal/UCLA is disingenuous.
The only practical place for Davis is the MWC, which is the 7th best out of 10 FBS conferences. The best of the MWC, like Boise and SDSU, can compete with stronger teams in the Pac 12 (BSU taking WSU to overtime, SDSU beating Stanford) but that won't happen every year. Most of the time Pac 12 games will be set up as bodybag games just like they are now.
When it comes to scheduling, you're looking at 1-2 Power 5 games per year. Maybe one of them will be a home game, but even that's not guaranteed and I've heard that's kind of a last resort for P5 teams. The rest of your OoC games will be an FCS game (so at least there's still room for Sac!) and 1-2 games against random Group of 5 teams. You're also playing games on "me-too" platforms (CBS Sports Net, ESPN2/ESPNNews, Facebook) at like midnight East Coast time.
If Davis gets good enough such that MWC makes sense, then sure let's talk about moving. But there's nothing particularly glamorous about FBS, at least how UCD would experience it.
Also, side note -- it's entertaining to see the SDSU athletics center hyped up like that. It just feels like a normal office building when I'm on the academics floor.