If you are to build a new stadium where McMahon is, you wouldn't have to tear down McMahon right away. There's plenty enough space that they could build most of the stadium to the south of it, and either remove some of the southern end of McMahon right off the bat, or wait until the moment they have to remove it to complete the new stadium.
Moving the stadium south would probably be preferential in the University mind since all the land where McMahon is would be better served by development.
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