Lets Fact Check That wrote: the NCAA is a not-for-profit
That phrase doesn't mean what you think it means. It doesn't prevent NCAA from making money.
As a very crude example, I operate an organization that produces a 10K that clears $500,000/yr. I then charge the event a "management fee" paying myself $490,000. Organization satisfies IRS rules, I make $490,000/yr. This is how non-profit status is routinely exploited.
And the NCAA long ago was identified as a monopoly when they lost a case under the Sherman Anti-Trust Act. It seems like they are working hard to garner full-monopoly status like the USOC and all the IOC sports federations in the U.S.