It is an exception — which had more to do w its traditional associations & prestige among the regional co-op of universities — than it had anything to do with the regional market in which it was found. While the economic strength of the location in which a university is found certainly has a say in the economic potential of its athletics — if no one ultimately gives a care about the school's athletics, then what do you have? At the end of the day, economic potential doesn't put money in the pocket of everyone of a given area. Some will be rich, & some will invariably be poor.

While a school's local market will always be a factor (along w its academic prestige), it is just one factor among many. There's a reason why Columbia U is not in the current expansion discussions of anyone.