Football making lots of money is a myth because there are many hidden costs. A big one is the cost of the stadium and this comes out of a different budget (sometimes student fees).

Not saying that there aren't some schools coming out ahead, just saying that modeling this out is a lot more complicated and often when this is done carefully by academics doing studies most programs that people think of as succesful are losing money. Similar with pro sports, often the cost of the hundred million dollar stadium, etc is not necessarily recouped.