Article needs a general copy-edit for basic grammatical issues such as hyphenates (highly-trained, seventh-best, etc.)
History section is too brief and neglects to discuss any issues associated with coeducation or racial integration, student protests, impact of declining government funding, addresses by notable people, growth of student life and admissions competitiveness in 1990s, etc.
Academics section include too many banalities "UCF promotes a diverse and inclusive environment" rather than basic descriptive information from Carnegie Foundation, Chronicle of Higher Education, and National Center for Education Statistics such as Carnegie classifications, accreditation, enrollment distributions, academic calendars, academic honors, tuition and fees, student enrollments, admissions information, financial aid, etc.
The research section is missing information on research expenditures, government support, physical research plant, notable faculty, notable research programs or groups which is available from the National Science Foundation
The library section is a bit too long and seems to include didactic recitations of policy and resources more befitting the library's webpage than a general encyclopedia article about the whole university
Traditions section suffers from from non-neutral and unverifiable weasel words and peacockery: fastest-growing, hailed, rather unceremoniously tossed, etc.
Student services section (particularly health and victim services) seems to be non-notable and pro-forma and should likely be removed or significantly condensed
Much of the student life section suffers from over-sectionization
The article structure needs to better comply with WP:UNIGUIDE and is missing major sections such as Administration and Organization
No mention of Carnegie classifications, academic calendar, accreditation information, or academic honors in the Academics section.
The Specific programs and College of Medicine are too short to be standalone sections and should be merged with Colleges or somewhere else
Endowment information should be placed under Administration & organization
The list of research centers includes centers/institutions with no Wikipedia article and are presumably non-notable. I recommend removing the box and including only the centers that are notable as either part of the descriptive prose or making a {{seealso}} to something like University of Central Florida research centers.
"Listed as a university with "high research activity" by the The Carnegie Foundation for the Advancement of Teaching and the U.S. Department of Education" is misleading because DoE just used the Carnegie classification. There is no statistic describing its basic research expenditures (besides a general "more than $100 million annually"), grant funding, or Congressional earmarks. This is available from the NSF or Chronicle of Higher Education.
Some various MoS issues like magazine titles not being italicized or wikilinked
Remove banalities
Alumni & faculty: "As a major competitor in college athletics, UCF has many notable student athletes, coaches and staff members. Many of the most notable members are listed in UCF's Hall of Fame"
Library: "The library has delivered documents to UCF students living as far away as Switzerland
Rosen College: "The campus is designed to imitate a resort-style feel with elegant Spanish-inspired architecture", "The Career Services Office also offers career development events including the popular annual Career Expo with historically high attendance from world-renowned companies and organizations."
The athletics section is generally unreferenced needs more citations as a whole
Some more description of the programs and academics as well as some notion of the size of enrollment at the satellite campuses is appropriate
Recent history appears to be a rehash of statistics or information that is should be elsewhere in the article (enrollment and academics, funding and budget should be in organization and administration), summarize this information instead in a sentence or two
There still appears to be no treatment of student activism or protest in the 1970s, mention of racial or gender integration (or mention that it was non-segregated and coeducation at its founding), previous funding crises in the 1970s and 80s, major policies or reforms taken by previous university presidents, etc.