team the Jaguars, more than triples the highest earning public (Washington) Pac 12 school's entire athletic department revenue. They also are demanding to keep non revenue-generating sports which is an added expense the NFL does not have.
Cal for example only generated $92 million last year, if they shared $46 million with students that only leaves $46 million to cover team travel , equipment, cost of running events, debt service($10m after main campus took on a bunch) , tutors, coaches, other admin support, marketing for football games, recruiting, overhead, and other expenses.
Total cost of sports other than football and basketball was $28 million at Cal (that doesn't include their share of $23m for admin and overhead that isn't allocated to a specific sport, it does include about $7.5 million in the value of student scholarships) , those sports generated only $9 million in revenue.
If you include meals, scholarships, and medical expenses as part of the revenue sharing, that all cost around $16m last year. With 50-50 revenue sharing you are talking about adding a $30m expense to an athletic department that operated at a $20m loss last year. Sure they could shave some admin costs and cut coaching salaries but that isn't going to get them $50m.
Plus, COVID has taken a giant bite out of athletic department revenues, which would cut any revenue sharing figure down but also leaves way less money to cover the many fixed costs departments are facing.