From the Kristi Dosh article above:
>>Economists and brothers Devin and Jaren Pope have studied the impact sports can have on university admissions. Their study titled “Understanding College Application Decisions: Why College Sports Success Matters,” concluded by saying, ““While a sports victory for a given school may not change the awareness of in-state students regarding its existence, the sports victory may present a significant shock in attention/awareness for out-of-state students.” This has certainly been true for VCU. In the fall of 2008, 92 percent of first-time freshmen were from the state of Virginia. However, by the fall of 2012 that number had decreased to 85 percent.
Why are out-of-state students so important? For the 2012-13 school year, out-of-state students at VCU paid $13,415 more than in-state students. The difference between having just 8 percent out-of-state students (as VCU did in 2008) and 15 percent (as VCU did in 2012) could amount to $3.4 million based on VCU’s fall 2012 enrollment and tuition rates.
FGCU has plenty of room to grow when it comes to attracting out-of-state students. In the fall of 2011, 91 percent of first-time freshmen at FGCU were from the state of Florida. Like VCU, there’s a sizeable difference between FGCU’s in-state and out-of-state tuition rates: $634.79 per credit hour, to be exact.<<
We can pick it apart for days and the impact other than increased apparel sales won't be known for a few years (and we will have all moved onto something else equally important) but past history has shown tangible benefits. Magnitude can be argued but there is clearly a positive impact.