Really not a surprise. UConn athletics have benefited financially from the state. Look at UConn's athletic facilities that have been built in the last couple of decades: new football stadium, indoor football practice facility, football offices/training facility, swimming facility, hockey arena,..... All funded primarily by the state. When UConn needs athletic infrastructure, the state pays. This is not true for every university and it means that UConn athletics benefits from not having to finance them.
In addition, UConn's operating expenses get subsidized by the state, the university, and student fees. According to USA Today, in 2012 UConn received $17.3 million of subsidies and VT received $7.7 million.
Bottom line is that every school has their unique financial issues. If you think UConn and VT have financial problems, look at Rutgers. Their finances are a disaster and receive huge subsidies. My guess is that they use the increased Big 10 revenues to reduce their subsidies and not to invest in athletics which will mean that Rutgers will remain Rutgers!