The cost benefit ratio probably has not made it worth it for a while now for most universities. However, with the PAC-12 football athletes "list of demands" it seems that we have reached a tipping point. Revenue sharing, paid health insurance for six years after graduation, etc. Even in the PAC-12 not all schools have been coming out ahead for years. This will only spread from the PAC-12 across the Power Fives as a whole for sure, and possibly across the NCAA I. Add to that the crazy cost of adding new state of the art facilities every few years, revenue sports coaches salaries, and more. The costs are outrageous and unsustainable.
Today's student-athletes are entitled and ungrateful. They see college athletics as a right. They have no concept of the gift they have been given or the value of the benefits and experience they receive. It has been unsustainable and I don't see what benefit 95% of colleges get from intercollegiate athletics at this point, at least in the NCAA I and II model. Most schools lose money each year...how can they increase their costs dramatically by paying athletes and providing long term health insurance? Maybe Alabama and a handful of others can pull it off somehow? Most cannot.
The only reason to continue on as is, with increasing costs and liability, is pride.
Shut it all down, save millions of dollars, reduce tuition costs at those respective schools with the savings, and let athletics turn into a club system in the real world. Or go to a fully non-scholarship NCAA III model for athletics and let the pro sports fund their own development programs for high potential athletes.