There is really no profit in college football for vast majority of teams
I know we see reports of programs operating in the black from time to time, but if you factor in the alumni donations that pay for facilities, equipment, etc. college sports are money losers. Don't get me wrong, I love college sports, but they only survive because of the generous disposition of donors. If you amortized the cost of facilities and equipment upgrades (and more) paid by donors, even football and basketball would operate in the red at most universities. I wish student athletes would realize just how fortunate they are to have alumni donating to make their sport and dreams possible. Any paper "profit" = alumni donations.