Some quick googling found me the following article from 2006, http://money.cnn.com/2006/01/04/commentary/column_sportsbiz/sportsbiz/. One pertinent line is "USC's profit as a percentage of revenue is just 43 percent, below the average of 48 percent for all the reporting bowl teams , even when you include the 11 schools which lost money on their football programs. The top 20 football programs in terms of revenue have profit margins of about 60 percent, on average." And even these stats leave out secondary benefits, such as increased enrollment, donations,
While money can't buy happiness, it certainly lets you choose your own form of misery.