First, as has been mentioned ad nauseam. Russell has rejected all overtures, even from teammates.
Second, you can't have a ceremony for someone who won't show up.
Third, considering WMG needs MAJOR upgrades just to barely compete with other D1 modern facilities, shouldn't money, if any, be directed toward real necessities of the building itself.
Fourth, saying all that, USF also lacks modern athletic facilities throughout the entire campus, including a real baseball stadium. Any cost spent on a statue would be silly. It'd be something the old USF regime would do. Putting a moon roof on a station wagon.
Fifth, shouldn't any dollars be directed to upgrading WMG and other REAL needs before any statues are erected? It'd be like Gonzaga creating a Stockton statue BEFORE building their new arena.
Finally, the Jerry West statue at West Virginia was built for $270k in 2007 in Morgantown by a local. Right now, USF basketball lacks a dedicated strength and conditioning coach and seeks donations for their daily operations. A statue? I don't get it. That's #1000 on the list of priorities.