The article focuses on Nebraska, but is relevant to everyone:

http://bleacherreport.com/articles/692186-10-basic-steps-...

1. Find a Good and Loyal Coach

2. Have a Supportive Administration

3. Have a Good Coaching Staff

4. Good Recruiting

5. Consistent Winning Seasons (they put 9-10 wins/year as the minimum; a Solich discussion is included)

6. A Good Walk-on Program

7. Making a Run at a National Championship (I would put this at 9)

8. Winning a Conference Title (I would make this 7 and it should be multiple, consecutive titles)

9. National Title Hype and Contention (this should be 8)

10. Winning a National Title.

Actually for a MAC team, I think 1 through 6 and 8 would constitute a "dynasty."  The others would be euphoria.  I think OU has 1-4 pretty well nailed, 5 and 6 are coming along, 8 may be on the horizon.