This is the mission statement of the university. Athletics is only a small part of that. UConn's budget is 1.7 billion. We're much more than athletics--and should be.
Other than basketball? I can tell you we're doing pretty well considering our overall rankings, endowment, etc. My wife moved here specifically to attend a PhD program at UConn because of a faculty member on staff. She turned down offers from NYU, Duke, BU and UF to come here.
We're not throwing around the same kind of weight as Michigan, but UConn is a legitimately great school with a reputation that is improving.
The mission could use an update, but not for the reasons you're thinking.