Most any college team I know of (SEC ones in my experience) MAKE the universities money by the barrel full.
The top 25 revenue earners in all of CFB (Texas, Ohio State, Michigan, Auburn, Georgia, Alabama, Florida, Notre Dame etc) pay their universities back in profit from merchandising rights, selling tickets, TV rights etc etc. However, the rest of CFB, (around 90 in Div IA) are a sinkhole. And that doesn't include Div IAA. Its an arms race and the haves have it, and the have nots are drowning.