A lot are forgetting that the CAA lost 3 of its perennial top teams in George Mason (2013), Old Dominion (2013), VCU (2012) conveniently right before Keatts took over the job. Georgia St even did alright in the tournament and they left in 2013. The CAA is not what it used to be.
Just because the conference is weak doesn't make what he's done any less impressive. Its more than just turning around a program its piling up wins, doing it consistently for three years, finishing atop the conference, and recognizing what talent will (1) be interested in attending his school and (2) out of that pool, finding the right guys to fit his scheme and be successful (though you could argue he hasn't had a chance to have those guys actually show up since its just his third year.)
The fact is, having success at every level, in both a HC and head recruiter position, means he knows something about winning and building a team correctly. Of course, there's no guarantee when this ability to win will stop. A good way to view it is professional athletes. Tons of stars in HS don't pan out in college, tons of college stars dont pan out in pro leagues, and tons of pro league guys fall off at anytime. It's almost nearly impossible to realize when a coaching candidate or player has reached his max potential. But betting on a raw top 10 kid, as opposed to a solid top 100 guy is probably what the university deserves.