I'm betting that if the big universities only funded there men's programs like football and basketball, maybe hockey and baseball too, the schools would be making money. Cut out all the women's crap and the other sports that no one wants to watch and just concentrate on those men's sports that actually put people in the stands, yah, I'm willing to speculate that much of the spending by the athletic department could be greatly reduced.
But that's just common sense. Do we live in a country of common sense? Hell no, we gotta have women's gymnastics and field hockey and soccor and swimming and volley ball because well, gosh darnit, it's just fair, yah know? Forget that fact that no one cares about that stuff and the facilities cost money as do the coaches, administrative stuff and the scholarships, etc.
Bottom line, if these schools wanna pair down the money they spend on athletics start with the programs that habitually lose money or don't make any money for the school. Concentrate on spending money on the programs that do make money or potentially can make money (like women's basketball at the university of Tennessee for example?).