This is doable for UALR on some levels.

1) They probably can get the stadium for free
2) They probably can get some sponsorships from the LR community
3) If Louisiana and Alabama can sustain five FBS programs, Arkansas can probably sustain three
4) They have a place to play
5) They're located in a larger city, with no real local competition for the local sports dollar

This is going to be tough on other levels.

1) They have a small enrollment for FBS
2) They have a large number of commuter and non-traditional students
3) They don't have lots of money to burn
4) Arkansas could simply return to LR for a game a year to try to cut off their program

I'd be surprised if they actually pulled the trigger on this one. Unless they feel the only way to compete for students is to have a FBS team.