"Make money" is relative. All universities, including the ones like UF that claim to make money, certify that their big-time sports programs are "substantially related" to their educational mission, and the IRS and state tax boards choose to believe it. As a result, the university's revenue from tickets, TV broadcast rights, advertising, and merchandise are tax-exempt. Donations from boosters are tax exempt (and a tax writeoff for the donor). Construction of stadiums and other sports facilities is funded with tax-exempt bonds.
Next time you turn on the TV and see a bowl game or March Madness, realize that as far as tax policy is concerned, you are watching a charity event among nonprofit institutions. If that makes sense to you (something you might ponder in between the action while watching a beer commercial or two), then yes, perhaps UF is making money.