It has been urban legend that most college football programs lose money and only the very cream of programs are profitable.
Well, it seems that the majority of the 68 teams of the BCS major conferences make millions of dollars. Texas tops the list with profits of $68.8 million. Four of those 68 teams broke even and only one, Wake Forest lost money. In the smaller conferences 58 teams made money and 8 lost.
There are either 119 or 120 teams in the BCS Div 1A league(called something else). That is a total of 134 teams accounted for. Not sure how many there are in the Div 1AA, but it seems that college football, at least at the Div 1A and 1AA level is pretty healthy.
http://money.cnn.com/2010/12/29/news/companies/college_football_dollars/index.htm?iid=HLM