Just checked U. Florida's athletic department budget. The athletic program, even at U. Florida, receives $4.5 million in aid from the academic side in the form of student fees and direct support. As well, it earns $8 million in royalties (for the sale of sweatshirts and the like) which constitute 100% of the school's revenue on royalties. If one assumes that, say, only 80% of that is related to athletics, that's another $1.5 million that should be going to the academic side.
On the other hand, the school brought in slightly less than $10 million more in revenues than it did expenses. Most of the revenues (33%) came in the form of contributions to athletics.
I'd say, looking at everything, Florida is about $4 million in the black for athletics, but of course this doesn't take into account the taxpayer subsidy for cost of attendance for athletes (the AD only reimburses the school for tuition) which is up to $4 or $5 million as well as any debt payments for bonds on athletic facilities and stadiums. U. Texas for instance has about $250 million+ of debt.
Bottom line, look at that contribution # from alumni. That's the number that stands out above everything. So, even though the school isn't "making" money off of sports, they sure are raking in a lot of alumni dollars. I'm pointing this out not only to say that the money may be lost if they started cutting back, but $30 million a year signals a lot of interest from alumni, and therefore a lot of pressure on the presidents. Let's see how much pressure the computer science people can exert on the UF President.