We will probably always have to "choose one" given our resources. Football makes sense because it can be revenue positive. Basketball can also, any other sport for a mid-major doesn't make sense to be your play.
The exception is Rice. They are awesome in baseball...but they have an unimaginable treasure chest and can afford to make that their pretty pony.
A few schools...Florida, and Louisville, Texas, Oklahoma, Ohio State, Michigan to an extent...have managed to have good programs in multiple sports, but, with the exception of Louisville, they are far from mid-majors. UVA has a great baseball and very, very good basketball program, but don't ask about football. Virginia Tech has a very good football program but are pretty Marshallesqe in basketball in the ACC.
I think we are doing the right thing.