I wish it were otherwise and college students played sports, like I did, for fun and passion, but that cat is out of the bag and it's a business pure and simple. UofM is a huge brand, probably worth billions. Football in particular generates immense revenues. Try sitting on a $75 butt-pinching bare bleacher in the Big House on a freezing day to understand the power of that math.

I doubt if that debt is out of proportion to their earning potential. It wouldn't have been loaned if not. Much of it has to be due to the big expansion of both sides of the Big House with suite seating and night lights, just starting to yield its value. Harbaugh's multi year contract could be in there too. Add to that the cash cows of swag franchising and broadcast rights, no corporate taxes and it makes sense. All they have to do is stay top ranked.

This, in turn, ties into and drives alumni donations in all fields and ups the reputation of the university in many ways that allows them to earn even more.