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http://www.cbssports.com/collegefoo...ootball-a-must-have-for-status-hungry-schools
For those 83 percent [losing money], an overall profit for the athletic department matters less than the residual benefits of sponsoring football. Ever hear of the Flutie Effect? The term has its own Wikipedia page. Forbes has taken on the subject.
I had it explained to me like this …," former Sun Belt commissioner Wright Waters told me on Monday.
One of his conference schools was losing $1 million a year in just in football. How, Waters asked the school's chancellor, do you justify that?
"'Do you know what these other institutions are spending on their admissions process?'" the chancellor told him. "'I have a $546 million [total] budget. I wish I could have two football programs.'"
In other words, football success -- even just the chance at football success -- is worth losing money. Especially when the athletic budget is perhaps only three percent of the total budget. FBS membership brands a school as big time. It is a label that attracts incoming freshmen as well as high-profile research professors.