Not because Utah is an elite academic school. Even if you just consider research and ignore undergrad (which is frighteningly common in academia), Utah is only good, not great in that regard.
Similarly, Utah is good, not great, on the field.
And has a good, not great market.
And draws good, not great ratings.
But the overlap among research schools and football schools is so limited that a school (like Utah) that can credibly claim to be a plus in all those areas is a rarity.
They're not elite at anything, but being pretty good at everything (that the PAC wants/values) gives them a fair amount of value