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"It's pocket change"
It's not. They're broke. That $50M was a complete fiction.
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The goal of Cal State schools is to provide accessible, high-quality, affordable public higher education that prepares a diverse student body for the workforce and fosters social mobility. Most of the Cal States (other than SDSU) have a lot of commuters, part-timers and people that can't otherwise afford the more traditional college experience. 89% of Sacramento State students commute to school (but the school is considering implementing an on-campus requirement).
Imagine you're a kid in the Sacramento area attending Sacramento State and you get hit with a few thousand dollars in fees to pay for your crappy football team to play in a crappy FBS league. I'd be livid. If I wanted that experience (and cost) I'd go to community college for a couple years and transfer to a Cal school. This is a total fiduciary breach.
Editing to add that the MAC deserves some credit here. Sac State won't make the league worse, and they just got more money than 2.5 years of their tv contract.