I've been told that Terry Blum, when dean of management, went to Clough and told him that he could have a top 10 business school or a place to hide the football players, and asked him to choose which one he wanted. He dodged the question, unsurprisingly. I imagine the faculty over in Tech Square would like to raise the profile and rankings by making the program more rigorous.
Business schools aren't ranked by their undergraduate programs. The reputation takes a hit because we make fun of them with the m-train references, but that's slight and it's really about all of the influence the undergrads have on the rankings.
Even still, the College of Business 100% wants to make the undergraduate program something you have to apply into after being accepted into GT. That's how it is at most other schools, and it would significantly impact the "incoming class" stats (100+ SAT points on the 1600 scale).