Yes, but you didn't follow the money.
College football and basketball teams do make lots and lots of money (and yes, the athletes should benefit more than they do).
Please understand what colleges do with that money, For the most part, that money goes to support other college teams, many of whom wouldn't exist without the money that comes in from football and basketball. Certainly, the sports scholarships would be greatly reduced.
Are you happy to watch the dozens of other sports? Thank the football and basketball teams.
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Sure, colleges could focus more on education and not give scholarships to sports players. IMO, that would NOT benefit the college as a whole. I support the idea of college students being able to choose from a large number of sports programs.