A great college football team makes money, but does require a substantial capital investment. Typically the only private institutions you will find in the AP Top 25 are Stanford and Notre Dame. The bulk of schools outside the Top 25 lose money on their football teams. Before we weep over that however, they lose money on all of their sports teams, their student newspapers and student theater productions and a flagship state university, the non-student state residents often do consider a quality football program through the auspices of the university a benefit they are willing to pay for.

The last I read, only the top ten or so teams turned a profit.

I am somewhat embittered though, as during my time at university, my tuition went up by $500 for the explicit purpose of funding the football team. And I was paying cash.