The concourse was updated in like 2007-2008 (it was planned for before the final four if I remember correctly). I'm not sure if you have been back in recent years, but I dont' think its bad. Theres plenty of room, and just the general flow of foot traffic is pretty good. Food selection has improved too.Also, those luxury boxes were added to UT's arena during a substantial remodel which included changing the orange seats to black. The remodel cost $20M in 2007, but it included more than just adding boxes and new seating. For the Patriot Center, $20M to get luxury boxes, new seating and updated concourse would be worth it. I am guessing it would be more now.
The whole luxury boxes/new seating bit would be ideal but then it comes back to the "how long can we close down the building" excuse.
Hopefully at some point in our lives they just build a new arena. I mean I think everyone can agree that we need a legit hospitality space other than a marked off space on the East side of the arena.