You correctly point out that motivations for big time players are financial, but then wax moralistic. Football is not "overblown" at Ohio State or Alabama or Georgia. Basketball is not overblown at Kansas or Duke or Arizona. These activities bring in huge profits so their high expenditures have a high ROI.
The importance of football and Bball for perennial top ten programs is not overblown. For the other 100 or so NCAA programs (a group that includes Cal, Oregon State, WSU) it does amount to high priced tilting at windmills.
Within the next decade, the top 20% programs may form a "league of their own" and they will morph into openly professional college athletic programs. They will get 100% of the TV money and sponsorship dollars. The bottom 80% will by default become amateur programs. Football at schools like Cal and Ball State and WSU will be more like field hockey or crew or college wrestling--endeavors engaged in by university students for pleasure, not for gold or glory.