Based on discussions and according to information (vague enough!), on September 15 Kennesaw State will not only announce their intent to start a football team, they’ll also announce it will join Division I’s Football Championship Subdivision.
For the casual fan, this means they’ll play at the same level as Georgia State and Georgia Southern — not as big as Georgia and Georgia Tech, and not as small as West Georgia or Clark Atlanta. Besides the level of competition, the primary difference is that FCS has a postseason tournament instead of bowls.
It still uses a conference system, meaning KSU will need to find a new one for its football team — the Atlantic Sun, Kennesaw’s current conference, doesn’t do football. Potential conferences, based on geography, facilities, and vacancy, include the Big South and the Ohio Valley. Yes, there's an Alabama team in the Ohio Valley -- the name is more of a suggestion than a rule. The OVC is older with more noteworthy and substantial teams, so it's a longshot.
Joining the FCS means bigger money, exposure, and expectations for Owl football than if it joined Division II. Starting at FCS level isn’t all that unusual for larger schools — Georgia State did so this year, as did Old Dominion last year.
I have speculated nearly every word of this post, but I do believe the first sentence is true, since it is informed by findings and backed by the slimmest of evidence.