Yeah I agree with your mix of history and recency.
@gunslingerdick to answer your question posed above, let me answer it with more questions. Would you consider Pitt football a blue blood? They have like 12 national champions, but none since the 80s. Would you consider NC State hoops a blue blood? 3 natties and sustained success in the 60s, 70s, and 80s.... but no success since.
Indiana has no recency. They made the Final Four in 1992. Since then, they've made ONE Final Four in 25 seasons, which was in 2002. By the way, that 2002 season is also their last Elite Eight as well. Think about that. Indiana has not made an Elite 8 in 16 years. They've lost their blue blood status.
I actually like @Hark_The_Sound_2010 's call that Villanova is approaching blue blood status. Three natties, and success in multiple decades. For UConn, I feel like they're akin to the Miami Hurricanes in football. Miami football isn't a blue blood (Oklahoma, Alabama, Texas, USC, Ohio State are blue bloods). They're a program that has several natties but only because they have little clusters of great seasons and then can't sustain the momentum because they inevitably get put on sanctions. UConn is kinda the same thing in hoops, IMO.
Read my response to @Hark_The_Sound_2010. You millennials always need numbers and shit. And I like numbers too. But I don't see them as the end-all, be-all. Sometimes you just know and you don't need empirical data to tell you.