Four problems are coming together at this time, and most of them have existed for the better part of two decades:
1) Most Power 5 schools spend way too much money on football for the amount of money they make from football. I ran for and attended a P5 school 7 years ago. Our football team was of course well-loved, and game days were the highlight of a week with no race to get ready for, but during the 5 years I was a student there winning enough games to become bowl eligible was a "reach"-type goal. You wouldn't have known that by the number of dollars that boosters, the department and the school itself willingly dumped into stadium renovations, practice facility upgrades, video game lounges, home game hotel stays and nutritionists though, no-sir-ee. You'd have thought the national championship bonus check was all but cashed with the way we spent.
There are only 5 schools that lost money playing football in the power5 in the latest numbers. A crappy school like Vandy made 6.8 million. Boston College (i.e. a periennal loser) made 9 million. Kansas (i.e. like one of the worst DI programs out there) made 14 million. All that investment in football for power 5 conferences has paid off handsomely.
What doesn't pay off is as soon as you leave that level. For example a place like UConn makes 4 million playing football but they are spending 15 million .