This will help ISU's National Rankings for the overall university if done right. US News & World Report are weighting more and more STEM ratings into their university rankings. Not having the (E)ngineering is hurting the overall profile of ISU compared to schools ahead of us.
I think this has a real shot of happening similar to our College of Nursing. Small at first and really well done, and then growing/looking to expand to educate more students down the road once the reputation grows.