Their football stinks and nobody wants to watch it (in spite of their insistence). Not a valuable product.
Their basketball stinks and even less people want to watch it. Not a valuable product.
No other sports make money - sorry, yewt gymnastics, you aren't going to pay even your own bill.

Kliakoff is stuck between schools that expect him to make it rain - some who might leave - and a market that says "You want us to pay for that?! No way."

I don't see any reason negotiations would take so long if that chasm between expectations isn't so wide.