Really the only thing holding UW Football back is funding for Montlake Futures. If UW wants to beat Ohio State, it helps if the payroll is closer. Les Wexner is a billionaire and likely their biggest funder.
Realistically I don't see UW ever being the massive payroll type thing we see at Oregon, Ohio State, Texas, etc. Apparently the basketball program kind of has something like it so never say never, but seems like a pipe dream to me.
UW's path to getting back to competing for a title is a combination of being a program that probably can spend somewhere between #11-25 and finding some lightning in a bottle like they did with DeBoer/Penix. Not that easy.
Realistic best case is probably the program gets some success and foundation again with Jedd. He goes to another job and we get a coach who is like a Petersen/Harbaugh/Kirby type with a connection to the program who wants to stay instead of just jumping for another job, at least for a while.