I'm not sure how I'd categorize SMU Hoops. They are not a top-tier program, but they really aren't a mid major either.
There's no reason why SMU can't be a great hoops program. Dallas is one of the best and fastest-growing hoops recruiting areas in the country. Add in the fact they have a nice arena and great practice facility, and you could see why they have the ability to be better than they have been in the past.
SMU spends more on hoops than Rutgers, Seton Hall, Dayton, Xavier, Georgia Tech and Oklahoma State to name a few.
I have to imagine SMU will be amongst those invited to the Big 12 should they expand again 5-10 years down the road.
They have all the intangibles you want in a program, but for whatever reason the results haven't been there.