They aren't maliciously trying to hide money with accounting tricks so that they don't have to pay players. Nor are they using accounting tricks to somehow justify not expanding the conference.

What they are doing is trying to make their facilities as appealing to players and fans as possible. Locker rooms, weight rooms, new fields, and player perks all are recruiting advantages. Facility upgrades, improved stadiums, and a better fan experience all contribute to increased fan engagement (a real problem for schools in an age when practically every game is broadcast in HD). And since every P5 team (and many G5 teams) are making these investments, a lot of schools feel like they have to do all of this just to keep up.

And so the leverage every cent of money that is coming or is expected to come through the program. They're in debt up to their eyeballs, but they feel like they have to be because if they don't do it, someone else will and will pull recruits and fan interest away from them.