Funny thing is everybody in the SWC was engaged in that at the time, and certainly it's biggest players in Texas, Texas A&M, Houston, Arkansas. The difference is that SMU's payments leaked out. They got the extra attention they weren't used to handling, and they didn't know how to squash the story. The others in the SWC were perfectly happy to see them get squooshed for daring to challenge the big boys in the money game.
I don't think SMU is a sleeping giant, but they do have a lot of very well-heeled alumni. Ultimately, it's still a fairly small school with a small stadium and-- for the moment-- a tepid fanbase. They would have to do a lot to regain their early 80s football glory.