I also tend to side with the arguments that show the business of sports. It is a little sickening, the way the US society has placed too much emphasis and money on sports. The salaries of professional athletes is pretty sickening. The way we raise athletes to almost god-like status, again, sickening.
But I'm not sure we can blame colleges for any of this. In fact, I think it would financially imprudent of a college to take significant sums of money away from a successful sports program. Like post #5 stated, colleges are likely already spending only percentages of the money that the sporting programs bring in back on that individual sport (football, men's basketball).