In the old system, I looked at it like this - your 'reputation' was whatever your perception was. A 'blueblood' was a program that could win a national title. What does that mean? Well, you had to have a big enough fanbase and good enough culture to get the 4 and 5 stars consistently. Some of it was black market money, but most of it was facilities, who showed up to games, etc. And many times, until you actually won a title, you really didn't get this distinction. Consequently, those programs also attracted the best coaches. And if you went decades without winning one, your star began to fade, but still kinda in the club. Think Nebraska and Tennessee. And even Clemson, until they rose back up.
In the new era, it's still those things, but more like 50%. The other 50% is how consistently you can shell out cash. Of course, you have to remember that the perception programs can also pay less for better players. So it's definitely still a sliding scale of what certain teams have to do. As long as Ole Miss is willing to pay, they'll stay right there in that 'club' of teams who are considered good but not good enough to win a title. But I mean Indiana broke down that wall so it's easier to do now than ever before.