I'd be willing to wager that football, set up like minor league baseball, would make roughly the same as minor league baseball, or worse:
College football programs rake in huge money, and therefore the people responsible for their success do too, whereas minor league baseball teams do not, and therefore their coaches don't.
The biggest problem was that the best players in the world weren't playing in the XFL. Div I-A college football doesn't have that problem. The lower divisions do, though. I doubt many Div I-AA or Div II coaches are making $1MM.