This is an interesting thread and I am surprised more people haven't jumped on this topic. In my opinion, both list man and HRE make great points. I agree to a certain extent with list man, at least when it comes to distance programs (can't speak to the sprinting and field events, I don't think about those as much).
-On the one hand, you wanna say, well jeez look at all the opportunities offered by the DII, DIII, NAIA, and lower tier DI programs.
-When you set aside scholarships for a moment (which I know one division doesn't even offer athletic scholarships...is that DIII?), there are many unspoken and subtle benefits of being a part of a collegiate track program, all of which are debatable and I won't get into... point being, there are benefits aside from the money.
-Now, consider the scholarships. Personally, I was given a full ride scholarship at a DII program back in the day, and I am very grateful for the free education. There must be countless 'blue collar' stories of people who went to a lower tier college on scholarship and thanks to the free education wound up in excellent and successful careers, which is great.
-And you also hear people argue that a lower tier program offers opportunities to those who can't quite hang in the top tier programs at first, mainly due to the ridiculous training stimulus and ridiculous amount of talent on said squads. Go to Adams State and by the time you graduate you can get a shoe contract. Go to Arkansas and by October of your freshman year you've been chewed up and spit out of the program. There are many examples of people who have been successful in running because of the easier training load at least in the beginning..... Are there enough examples to justify all the lower tier programs??? (I would argue probably not....see below)
-On the other hand, when you actually look at most of those lower tier programs, the performances are just plain embarrassing, lol. Sure, maybe you have a scholarship, and sure you have the camaraderie of an XC team in college. But you're in college and you can't break 16mins in a 5k LOL. In a lot of ways, the student-"athlete" would be better off if they went off and did something else....... You want a scholarship? Put your brain to use like most of the population and contribute! In some ways, I think I would have been better off if I didn't run in college.
Now, as for track and field programs, HRE has a great point and again I can't speak for sprinters jumpers and throwers.
One more thing - This post does NOT apply to distance programs like the University of Minnesota. They may not be at the top of the NCAA, but they were a legit, top tier DI distance program. Very sad to see them go.