The whole idea of linking elite sport programs to universities is a bad one. Its impossible to be a great student and a great athlete at the same time (or almost impossible ... Wilt Chamberlain always claimed he was an A student), and most athletes are just there to do sport anyway.
It'd make more sense to have amateur leagues independent of universities, so anyone with the interest and talent could play in them without pretending to be interested in school (and taking basket weaving or surfing majors). It'd sort of be like minor league baseball, or junior A hockey in Canada.
The university athletic facilities could be for students to keep in shape, rather than elite athletic programs. It'd be better for athletes (who could concentrate on their sports and wouldn't have things like title-IX to worry about), students (who would have access to all the campus sports equipment), and tax payers.