Good analysis ... to kind of add to your thoughts, those who keep saying there is all this money out there at the universities (not talking the ad money), it isn't like greedy admins are sitting around counting their money and maniacally laughing out loud, planning their next vacation, or buying their third house. In fact, most of the money made off athletics goes right back into the student athletes. It's what pays the valuable scholarships they get. It's the money, along with donations, that pay for their unreal facilities, their training facilities including food that any other student would love to eat. It pays for non-revenue sports. And, so on. The idea that there is some grubby billionaires making bank off the backs of the players is ridiculous. Most of the money raised goes to the athletes, directly and indirectly.
I see the same thing said about the NCAA making a billion dollars. Well, here is where the billion dollars goes: Where Does the Money Go?
Again, it goes to the student athletes who then complain they get nothing while the NCAA makes a billion.
Want to see a really interesting thing, note in the link above where the NCAA's money comes from. Had no idea ... blew my mind ... I know, small explosion, but blew it nonetheless.
In LSU's case, the football program pays for itself and the other non revenue generating sports AND supports non athletic, educational programs for the university.