There are actually thousands of fans both regionally and nationally the identify with a college team where they did not attend. Many simply prefer the amateur game for its relative absence of spoiled fat egos and greed. All it takes to have a loyal following is an admirable coach; the players come and go, but we root for that guy's team to win because we think he deserves it. His formidable presence then attracts formidable talent, and he has a winning program which bodes well for the school's image and attracts more fans.
Along comes 60" HDTV's, DVR's, and streaming video -- and any game becomes a much bigger spectacle for us hungry consumers; the revenues rightfully follow, and this whole phenomenon should not be assessed as anything more than the evolution of supply and demand.
The net profits which some think are too exorbitant are fleeting -- lawyers and insurance wizards will find a way a suck much of that out.
We may be headed for touch football -- can't see a huge following in that.