From the plans that I have heard:
Two floors of Vandy were renovated this academic year, and there will be two done next year, and the final two the year after. Then they will begin on Sijan, doing two floors per year. So, this years new cadets will live with a room shortage their whole career at USAFA. I do not know that the squadron arrangement has been decided, or who will get to occupy the newly re-done areas.
I haven't seen the completed areas, but based on the pallets of new materials that I saw brought in, they got new flooring, ceilings, and furniture. I would guess that they re-did the walls, also, because anyone who has been inside can tell you that most of the room's walls had some damage.
Stealth_81