I wouldn't follow the rules. I wouldn't spend it in the states I live.
I would put it into geographic areas that are lacking and I would put it into schools where they wouldn't be expected to compete for national titles. This would allow the programs to be sustainable within the athletic department, making them one of the better sports at the school, while helping to develop the wrestling ecosystem for the region.
I would make the WAC a wrestling conference (current members: Utah Valley, Cal Baptist, CSU-Bakersfield). Would seek to get Seattle, Chicago State, UM-Kansas City, and UT-Rio Grand Valley to launch programs.
I would make a SWAC/MEAC hybrid conference (probably under the SWAC banner). Would have the goal of eight programs for the conference. Having them be in one conference and not any other conference would allow them to be competitive with each other and would guarantee access to the NCAA tournament with at least one bid per weight among the peer group.
Prairie View A&M and Texas Southern would anchor Texas and provide for a local Texas based Rivalry (and if UT-Rio Grand Valley launched as a part of the WAC, they would have another in-state team).
Grambling and Southern would add a new sport for their rivalry and anchor wrestling in Louisiana.
Arkansas-Pine Bluff would provide Little Rock with in-state competition.
Mississippi Schools (Mississippi Valley State, Jackson State, and Alcorn State) would be interesting as there is no high school wrestling in the state so if they were added, they would recruit out-of-state and would have to be ambassadors on campus to introduce people to the sport. As schools that produce teachers, they might end up giving the state the human capital to introduce more wrestling.
Alabama State and Alabama A&M would have a new sport for their rivalry.
Florida A&M and Bethune-Cookman would anchor Florida and continue their rivalry as the MEAC schools in the group.
Under both scenarios teams would travel for their conference duals but otherwise would compete mainly in their region. When they would travel for duals they could pick up another event allowing them to get competition outside the region. For instance, if Bethune-Cookman was going to Alabama A&M they could also have a dual in the same trip with Presbyterian or Chattanooga
This would fill in some gaps in different parts of the country where there aren't D1 programs in different conferences. This would help programs like Cal Poly, Northern Illinois, Little Rock, Presbyterian and many others by bringing competition into their region helping them to get more D1 competition locally. It would bring programs in from other conferences and would be programs that didn't launch with the expectation of competing with the Big Ten. It would also help the non-D1 programs that are more isolated by having other programs to compete with. Wayland Baptist (Tx), Oklahoma City (Ok), Brewerton-Parker (Ga), Southeastern (Fl), Simpson (Ca) and many other schools would have more teams to compete against in their region and help make them more viable. These non-D1 teams would also provide competition for the D1 teams so that they would have success.
If I were making a plan for spending money in wrestling, it wouldn't be about me. I have it pretty good. I would fill the voids that make it so that other places, some of which I have never been, are able to benefit from the sport and strengthen it for everyone. Of course, with a little due diligence I might change things up so it might be different schools or conferences but the premise would remain the same.