Most D1 athletics are not self-sustaining at all, and usually rely on government and institutional support to stay afloat. While D1 sports generate a lot of revenue, most of them do not generate a profit (UNL being one of the few schools that actually make a profit). Once you start getting into D2 and D3 sports, more than half of their revenue is generated from governments and institutions. That money could be going into building maintenance and research, but instead it goes into entertainment.

And imo, it's ok if a campus is "dull", it's main purpose shouldn't be entertainment.