Didn't know? No one else does, either.
That's because Conference USA, where the Owls play these days, isn't considered a “major” conference. It's a “mid-major” conference, thus beneath contempt.
For the last several years, a host of schools have been moving between conferences, and among conferences, based on the size of their alumni, the power of their football teams, and the school's willingness to spend money in order to find a “better” home.
The system enriches only football coaches, and ex-football coaches. It's one of the biggest scams going. The players often get nothing (some get a decent education, if they apply themselves and the coach doesn't fire them for poor play), and the schools are also left destitute. Only a few dozen schools actually profit from football, and they plow the money into athletic facilities, enriching coaches in minor sports.
The system is broken. Time to fix it.