When I was in college (back in the early 90s) at the University of Florida, our sports program actually made money for the school.
Gatorade, ESPN television rights, merchandising, ABC/NBC/CBS/Fox television rights for the Gator bowl, etc, etc, etc.
Most major college Football programs do make money. Ask those who enforce Title IX. I have seen the budgets... Schools fleece students for lots of fees, that does not mean the money wasn’t there in the first place to pay for it.