There are plenty of places in the area that have more seating capacity; and the more people an act can put in the seats, the less location matters.
The Chicago Theatre holds 3,600 for bands that outgrow Park West. The Auditorium Theater holds 4,300. Charter One Pavilion holds 7,500. UIC Pavillion holds 10,000. The Sears Centre holds 11,000.
In the summer, Pritzker Pavilion concerts at Millineum Park can seat 4,000 plus another 7,000 or so on the lawn.
The Pavillion has some but not a lot of concerts, but I see the kinds of things on its schedule that DePaul would have to get - four days of robotics competition, Roller Derby, The Hispanic Catholic Conference (2 days), Boxing.
Like the Pavillion, the Sears Centre has few concerts; but it does host the finest im minor arena entertainment - the Lingerie Football League and an "Indoor Football League" team - to go with a slate of small conventions.
It would be a slam dunk decision for DePaul if the market were underserved for the kinds of attractions it would need to fill open dates and offseason weeks; but the market isn't underserved. The university would have to make the venue better than the competition to make it worthwhile, and that's expensive.