This was my take as well. It sounds like the agreements are in place but just need official ratification or whatnot. They won't change the schedules until the legal stuff is done, but given the fact that both the U and the State Fair are on board I don't see what would keep that from happening.
I guess I personally don't mind a night, but a couple big negatives to it..
- It's Thursday before Labor Day weekend. most students that will be sophomores/juniors aren't moved back in to class, and the ones that live close (ie in the TC with their families) won't make the drive because of the inconvenience/lack of parking (the stadium and infrastructure was built to bring in 40,000 fans by car/rail with the 10k students walking there. not to mention the price of parking).
- Can't tailgate nearly as well/long. Most of us work, getting off at 4-4:30 is a stretch probably, getting home to change and get gear, on campus by 5:30 at BEST with traffic leaves little to enjoy pregame festivities. As much as we complain about 11 AM starts a 7 PM start is that much worse for pre-game atmosphere.
- Those reasons above (timing difficulty for working joes) make getting the casual fan to attend that much MORE difficult.
- (I'm a former bando..) Will the band be ready? They've already cut back so much camp time due to budget, this would be difficult to prepare.
The obvious positives:
- Fewer competition from other games around the country making it possible to get more eyes on the TV in the cities watching the team
- Night game atmosphere could be good, especially if you can fill the stands somewhat
- Avoid the state fair Saturday and Cabin-goer excuses (though I wager that many people still make it to the fair on Thursday night)
- You could do the mandatory welcome week training AT the game, getting those 5,500 freshman there and rockin to make it loud while teaching them something as the game is actually happening. The event is only so good as it doesn't mirror the actual excitement come gameday