Around the time that the Bryce Jordan and Liacouras centers were funded, the O'Connor administration made a deal to take more of the state's money allocated for Pitt's arena, generically termed the convocation center, up front in order to start the design process and get the project rolling while it fundraised for the rest. The fundraising, like the fundraising for the doming of Pitt Stadium, failed miserably, so the project languished and Pitt was left with entirely insufficient funds to move forward with the project while the costs to build continued to increase only widening the financial gap. By the mid- to late 90s, when O'Connor administration came to an end, Pitt was left with a badly deteriorating physical plant (not just athletic facilities), its athletic programs had hit rock bottom, and the university was even struggling to fill its beds. Circa 1996-97, it was not what I'd call a healthy university; it was struggling in many aspects.
The new Nordenberg administration began lobbying the state to release more money for the convocation center, to no real avail, because the prior administration had squandered the original deal to take the bulk of the money upfront so it was basically Pitt saying 'give us more money because the last guy in my position was incompetent.' Not really an effective hand to have to play. The subsequent deal that was brokered was tied in with Pitt jumping on board with "Plan B" for the pro-stadiums, which changed the site and design of the convocation center plan and included rolling two additional state-funded projects (a water chiller and student rec center) into one big Petersen Events Center project, but it did result in the state releasing additional monies that actually got the project completed.
Basically, without playing ball with "Plan B," a convocation center doesn't get built. Remember, Pitt had already moved its football operations to the South Side at this point as well, and it is not hyperbole to state that the remainder of Pitt's athletic facilities were the worst in all major college sports, and even perhaps most of mid-major facilities. Taking the sorely needed substantial renovations of Pitt Stadium off the to do list and getting the convocation center taken care of also allowed Pitt to turn to renovation projects on the Field House and the to the construction of the Petersen Sports Complex. I'd bet a lot of money that Pitt does not get into the ACC with the facilities that existed circa 1999.
Perfect world, Pitt would have had the money to adequately renovate Pitt Stadium and build the convocation center on the OC lot as planned. But in the real world, it had no ability to get these project completed, probably through the next decade, a decade that was marked by seismic changes in conference memberships.