I'm not sure about how this turned into a Miami to the Big Ten thread, but I might as well chime in even if it's a few days late...
There's no way that Miami ever will become a member of the Big Ten, too many other schools have superior athletic programs for us even to be considered. The strength of our programs, budget levels, and facilities are nowhere close to what AQ schools can provide, and they'll never catch up unless we get a billionaire alum or two to pump in their life's savings towards Redhawk athletics. Hockey is the only sport that can be considered elite at Miami.
Academically, our undergrad programs go toe-to-toe with some of the best universities in the country (USNWR ranked our undergrad teaching third behind Princeton and Dartmouth, above schools like Brown, Yale, Chicago, and Stanford), but our graduate and research programs are minuscule because it's just not what we prioritize. Buffalo is the only MAC school with academics close to what the Big Ten is looking for.
Where perimeterpost has an argument is that we should've been considered in the past. The real time when we should've joined was in the infancy of college athletics, when colleges like Washington & Lee, Chicago, Wash U, and Sewanee were major programs. We're certainly old enough as a college (founded 1809, reopened 1885 after closing initially in 1873) that we could've gotten into what would become a big time conference, but obviously our administration didn't prioritize it.
Back in the sixties, Miami athletics were starting to peak in national competitiveness; by 1970 we had won 15 conference titles in football and made the NCAA tourney 6 times. Brand-new Millett Hall opening in 1968, and rumors of a big new stadium (see below) surfaced. That would've been about the last time you could've argued that we should be a candidate, but since the Big Ten was already at ten teams (imagine that!), they had no reason to invite any other university.
Since then we've fallen behind. Around a decade ago, our athletics reached a modern peak with our football winning behind Big Ben and our basketball not too far from the Wally days (poor Charlie Coles was eventually forced to pimp his program to fund the rest of our athletics). C-USA inquired about us and Toledo joining to replace the chunk of schools that left them, but both of us said not interested. Had we said yes, there's a chance that we'd have been invited to the Big East/AAC, but who knows what would've happened for real.
Schools like Northwestern are acceptable AQ schools because of their incredible academic reputations, and their athletic programs are good enough that they can be unconditionally grandfathered in to their conferences out of loyalty, rivalries, and the frequent success of their Olympic sports. Miami would never have been like those schools just because we're a public university, and had we been accepted into the Big Ten we probably would've sucked in most sports as time went on. Most of the other schools are state flagships, and OSU's presence would've killed out a lot of our long-term potential.
Sorry for the essay.