Well, the US News 2014 rankings are out. And St. Johns is ranked at #152. Behind such schools as Depaul, Hofstra, Seton Hall, SUNY Albany!
The law ranking has dropped to 98th this year. Behind Syracuse. What the hell is going on with the administration of this place?! SJU could so easily be a top 110 university within a few years if the people who ran this school had a clue.
Since SJ's is not a hardcore research university, I recommend taking a tried and true approach that other schools have employed: as a starter, find one department to key on building up into the spotlight by poaching a heavyweight professor (a Nobel Prize winner type, a researcher well known in his/her field, or a nationally known faculty for example) and let them use their notoriety to start adding some high end young faculty. Having one department shine starts changing perceptions, and they move on from there. Where I live, George Mason enhanced its reputation for its business school when it hired Walter Williams in the Economics dept., and he took over as Dept Chair shortly thereafter. It took 20 years, but it has to start somewhere.
So I conclude with: Start with your faculty. Need to put up (cash), or shut up. Get the faculty, and the quality of students will move up too. Do good in sports, and more high end students want to go to SJ's.