Kind of a weird analysis. It explains (only anecdotally) that if you spend more and that spend results in more on-court success, it can keep losses low. But it doesn't explain on a business level why athletic departments should be expected to keep losing assets in their portfolios at all.
I also don't think the accounting is right, or at least not debatable. We've seen a number of different numbers reported for UConn, the variance for which often has to do with how shared revenue streams (such as merchandising or booster donations) are allocated to different products. Additionally, one of the multi-million dollars donations to the practice facility was made by a friend of the women's program. There are also overall brand equity implications that very successful programs like uconn and tennessee have enjoyed. I would expect a business-oriented publication such as Forbes to discuss and research issues like these. What was actually published was kind of empty and uninteresting.