Both definitely help. But investing in great sports isn't somehow mutually exclusive of writing great research and producing great graduates. Between football and basketball having 115 students where some percentage of them may not go on to be PHD's is okay. People can benefit from a University experience and be killer entrepreneurs without high IQs. 

I understand that Universities need standards, but excelling in athletics can be valued just as highly as excelling in academics. And you can find a path to success outside of sports for those people who excel in athletics and as a result add value to the university. That path could be entrepreneurship. It could be a trade for which they gain training at your school. There are many paths available for making you happy for having admitted that kid into your school.

The academic snobbery when athletics absolutely not only add to the overall college experience but also add to the overall demand to attend a college, number of donors, and financial bottom line is a pretty unintelligent take for academics to adopt.